End of Year Preparation for Salaried Employees

Most people think that preparing for the year end is only something that business owners have to worry about. However, that is not the case as year end preparation is beneficial for everyone.

Evaluate your Income

You should evaluate your income and current RRSP contributions.

This will allow you to determine if you need to make, or want to make any additional contributions before the RRSP deadline March 1.

Making the correct amount of contribution can help to decrease or eliminate any balance you may end up  owing on your 2013 taxes

Book a Massage

This is the perfect time of year to use up any unused portions of your extended health coverage as chances are low that your insurer will roll over any unused benefits into 2014.

So book that massage you have needed all year or buy that funky pair of glasses you have had your eye on since you saw them on the cover of Vogue!! You pay for your benefits; make sure you are getting your money’s worth.

Defer Your Bonus

Depending on how much income your earned over the year it may be in your best interest to ask your employer to defer your end of year bonus until January 2014.

Not only will this allow you to revive your bank account after Christmas left it on life support, it will also allow you to defer your tax liability.

If you need help getting your year end in order Teya our business consultant and tax expert is the lady to help. You can make an appointment by calling us directly on  604 739 9536  or by requesting an appointment through our contact us page.