- Consider a Registered Education Savings Plan (RESP) for your children.
- Set up a Tax Free Savings Account (TFSA).
- Review your December income tax installment.
- Make a low interest loan to your spouse.
- Repay outstanding shareholder loans and pay interest on employee loans.
- Contribute to your spouse’s or common-law partner’s RRSP to the extent of your RRSP deduction limit for 2013. This doubles the amount a couple can withdraw for the Home Buyer’s Plan.
- Consider a Registered Disability Savings Plan for a child with a sever disability.
- Claim your personal tax credits.
- Keep your transit passes.
- Pay reasonable salaries to family members.
- Convert non-deductible debt to deductible interest.
- Review your will every five years.
- Split pension income with spouse.
- Home buyer’s tax credit for first time home buyer
Consult us to obtain additional tax planning ideas.
After graduating from the University of Calgary with a Bachelor of Science degree in Computer Science, Gerald joined KPMG (Formerly Thorne Riddell) as a Computer Accounting Customer Service representative. In this position, Gerald installed accounting systems in over 200 different small to medium sized companies over a 6 year span. In 1989, Gerald left KPMG to continue to work with small business clients in his own corporation installing computer accounting systems. While in this role, he was engaged by the DeVry Institute of Technology in Calgary to teach various courses. In time, Gerald moved up through the ranks of DeVry until he attained the position of Director of Finance for the Calgary Campus. He also acquired his Masters of Business Administration from City University of Seattle, Washington in 2001. Gerald’s career has always been focused on small business, accounting and education.
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