For assistance with any of the following points, feel free to contact us:
- Should I make the December 15th Quarterly Instalment? Is it needed? Not if income has dropped. Need to increase? Possibly but estimate taxable income first.
- Should I make a December 31st Instalment? for Farmers and Fishers. These taxpayers are required to remit based on two thirds of net income. What is the size of the instalment remittance?
- File adjustments to 1997 tax returns before December 31. The statute of limitations for correcting errors or omissions on your tax returns is 10 years. File or adjust that 1997 return now, or lose access to this money.
- How Much Will Pension Income Splitting Save us? Thousands of dollars can be saved, depending on income level and sources, if couples (married, or common-law) split qualifying pension income. But who qualifies? Check it out with your clients in the 50-65 age group immediately.
- Should I make RRSP Contributions before year end? Is it wise to continue to make the contributions to the new age eligibility limits of 71 this year? How does this effect pension income splitting?
- Should Spousal RRSP Contributions Still be Made? How do the new pension income splitting rules affect my decision to make spousal RRSP contributions?
- Should I make RESP contributions before year end? I understand contribution limits have been eliminated. . .what is the right amount of RESP contribution this year?
- The New RDSP is available in 2008. Does anyone in the family qualify for the Disability Tax Credit? How do I access this? How much can I contribute to the new Registered Disability Savings Plan and are there any maximum contribution limits? How can I access the new RDS Grant?
- How many capital gains should be realized to maximize loss carry backs and forwards on my return? When should we make that decision in this volatile environment?
- What are the details around the new $750,000 capital gains deduction? I sold my business during 2007 - do I qualify?
- How can I maximize my charitable giving with new tax free capital gains rollover rules? When should I make the donation to ensure proper timing and documentation?
- What can I do to reduce my income from my proprietorship? Have you considered buying office supplies before year end? Maximizing CCA deductions by buying new business assets? Doing car repairs and filling up the tank on December 31? There are lots of smart last minute tax expenditures that speed up benefits of write-offs
- What medical expenses should be incurred before year end to maximize family claims?
This information is used with the permission of Knowledge Bureau Inc.
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