Halloween

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HAPPY HALLOWEEN


We hope everyone enjoys a great Halloween.  Dress up, eat lots of candy and have fun.

Tomorrow is the start of the last 2 months of 2012.  Really? Wow, time sure does fly.

It is a good time of year to ensure all your tax matters are in order.  This applies to both personal and corporate taxation.

For corporations:

• Ensure that the dividends you may be declaring meets your personal tax plan. 
• Possible bonus to pay/declare is done to reduce taxable income. 
• Pay back of any loans to ensure these are not considered taxable benefits. 
• T4s and T5s fillings are due in early 2013, ensure all payroll and compensation matters are being tracked, paid and accounted for. 
• All business expenses are being accounted for that have been incurred.
• Bookkeeping is up to date.

For personal matters:

• RRSP contributions are on track.
• Any deductible expenses are accounted for. Examples include, child care, transit, child arts and fitness, medical expenses, new home purchase. 
• If you have a rental property, proprietorship, or eligible for employment expenses; ensure you are tracking all eligible expenses, revenues and have the necessary forms are completed by your employer (T2200)
• Capital gains and losses are tracked.

These are just a few examples of  steps you can be taking to tax plan before deadlines come and go.  Being organized and prepared will help you plan for and possibly reduce your taxes before it is too late. 
Happy Halloween!