Tim Cestnick, president and CEO of WaterStreet Group

Focus: Tax planning
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TAX-PLANNING TIPS

1. Don’t forget to report the sale of your home. If you sold it in 2016 and forget to put it on Schedule 3, you could face penalties.
2. RRSP deductions: Don’t claim it if you expect your income to increase this year. You can save more next year.
3. File taxes for your children if they earned income. It will create RRSP contribution room for them.
4. Don’t forget the basics of tax planning. This includes something as simple as income-splitting with a family member or spouse.
5. Be aware of reporting business or rental losses if you’ve done it two to three years in a row. It could put a red flag on your tax return. (The government is hiring more auditors, so you may receive more letters from the CRA, as well.)