Your taxes: What can you do better next year?

  • Do you have a business? Consider how your employment, business or professional income is tallied, and what taxation options need to be addressed early
  • Do you have investment income, such as interest, dividends and capital gains? Figure out what the best portfolio practices are so that you can decrease your tax load
  • Are you gaining from deductions in the right way? How do your expenses figure into your taxes, and can you maximize RRSP contributions and other investments to offset gains? What deductible interest expenses can you bring to the table?
  • Do you have an estate plan? You will need to look at how to protect your assets and provide tax-efficient income for yourself and your beneficiaries
  • Do you donate money to charity? Figure out what your best options are for donations, especially if you contribute a significant amount to your chosen interests