Mar 24, 2017
Talking Tax with Tim Cestnick: March 24, 2017
BNN Bloomberg
Tim Cestnick, president and CEO of WaterStreet Group
Focus: Tax planning
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TAX-PLANNING TIPS
- 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.
- RRSP deductions: Don’t claim it if you expect your income to increase this year. You can save more next year.
- File taxes for your children if they earned income. It will create RRSP contribution room for them.
- Don’t forget the basics of tax planning. This includes something as simple as income-splitting with a family member or spouse.
- 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.)