Tax Planning Strategies
Taxes can be a significant expense, but with proper planning, you can reduce your tax liability and keep more of your hard-earned money. Explore some of the strategies below:
RRSP Contributions
Contributions to a Registered Retirement Savings Plan (RRSP) are tax-deductible and grow tax-free until withdrawal. This can reduce your taxable income and potentially increase your refund.
Tax-Deferred Investments
Use TFSAs or RESPs to defer taxes on investment earnings and reduce taxable income. These accounts provide tax advantages based on your goals.
Income Splitting
Shift income to family members in lower tax brackets through strategies like spousal RRIFs to lower your household’s overall tax burden.
Small Business Deductions
Business owners can benefit from deductions such as the small business deduction, eligible expenses, and family trusts to reduce overall liability.
Charitable Donations
Donating to registered charities can provide tax credits and reduce your taxable income while supporting causes that matter to you.
