Effective Tax Planning Strategies

Maximize RRSP Contributions

Maximize RRSP contributions early in the year, up to your limit. Consider spousal RRSP contributions for additional benefits. 

Utilize RESPs

Contribute up to $2,500 annually to your Registered Education Savings Plan (RESP) to earn government grants.

Optimize Investments

Structure your investments to make interest deductible and explore the advantages of TFSAs, RRSPs, RESPs, HBP, and FHSA,

Income Splitting

Consider splitting pension income with your spouse and explore family income-splitting opportunities.

Take Advantage of Credits

Claim eligible childcare expenses and medical expenses on your tax return for substantial tax savings.

 Tax-Sheltered Growth 

Maximize tax-sheltered growth by contributing up to $7,000 to your TFSA for 2024. If you haven't contributed in previous years, your total limit can reach up to $95,000. 

Estate Planning

Make a will and update it regularly to minimize taxes on death.

Charitable Donations

Combine charitable donations with your spouse and claim them on the higher-income spouse's return.

Moving Expenses

If you relocate for a new job, deduct some of your moving expenses from your taxable income.

Incorporate Your Business

Consider the potential benefits of incorporating your business to optimize tax efficiency.

Salary/Dividend Mix

Calculate the optimum salary/dividend mix for your corporation and explore the advantages of tax savings. 

Holding company

 Utilize a holding company for asset protection, risk management, tax efficiency, centralized control, financing flexibility, and strategic growth opportunities within your corporate group.