The most frequent question I get asked is:
How do I save money on my Income Tax?
Here are some quick and easy tips to help you keep more of your hard-earned money in your own pocket.
Tax Savings Tips for Business
- File on time
- Keep your business expenses separate from your personal expenses
- Keep all your receipts that are business related
- Discuss your business activity with your accountant
Tax Savings Tips for Personal
- Maximize your RRSP Contributions
- File on time
- If you have multiple employers in a year, you must complete a TD1 form for each employer
- Accounting Fees are deductible – even for personal taxes
- Legal fees incurred to collect income
- Interest expenses on money borrowed for investing (not RRSP’s)
- Utilize the tax credits for children – Fitness Credit, Arts Credit, Day Care, etc
Preparing your income tax? We have resources to help!
Click here for our handy Income Tax checklists and additional info links.
One final tax saving tip?
Hire a professional accountant. As a Chartered Professional Accountant, it’s my business to know about accounting practices and changes that take effect each year by the provincial or federal government. I know how to save you money – so you can focus on what YOU do best.
Ready to let go of your bookkeeping or income tax prep burden and hand it over so you can save more money this year?
Contact us to see how we can help!