Although tax planning should be done year-round, right now – as we enter the final weeks of the year – is a particularly good time.
Whether it’s for individuals, business owners, investors, those with disabilities, or families with students, reviewing your finances to take advantage of tax planning opportunities before the Dec. 31 deadline is essential.
To help navigate your year-end tax planning, the professionals at Empire CPA have provided their online 2022 Year-end Tax Planning Guides, filled with useful information to help you make informed taxation and contribution decisions.
“We’re glad to be able to provide our year-end tax guides to help our clients know what they should be considering right now,” says Empire CPA Managing Partner Patrick Smith.
Online year-end tax guide tips include:
1. Individuals – Tips on tax credits for charitable donations and gifts “in-kind,” and for individuals who expect changes to their tax rates.
2. Business Owners and Employers – Tips for repaying shareholder loans, applying for apprentice and co-op tax credits, compensation for owners of incorporated businesses, passive investment income, income splitting, and corporate loss planning.
3. Investors – Tips for transfers and swaps, RRSP and TFSA contributions and withdrawals, tax-loss selling, paying investment expenses and prescribed rate loans to split investment income.
4. Family members with disabilities – Tips on tax credits for making renovations for home accessibility, family medical expenses and contributing to a Registered Disability Savings Plan.
5. Families with students – Tips on making RESP contributions and withdrawals and paying interest on student loans.
Empire CPA (formerly EPR Maple Ridge Langley CPA) provides clients with a full range of audit & assurance, accounting, advisory, and tax services.
Whether you need help with your personal or corporate tax returns, financial statement preparation, bookkeeping, estate and trust matters, or dealing with the Canada Revenue Agency, they can assist you every step of the way.
With more than 45 years of experience and three convenient locations in Maple Ridge, Langley and North Langley, they offer exceptional customer service and will meet all of your assurance, accounting, advisory and tax needs.
“We can help you navigate complex tax matters and develop effective strategies that work best for you and your family or your business,” Smith says. “Before you do any tax planning, reading through our convenient online year-end tax guides or seeking advice from one of our qualified tax professionals can help you take advantage of any opportunities you may not have been aware of.”