’Tis the season for gingerbread lattes, Christmas markets, chocolates galore, and taxes! Wait a second…but yes! By spending a couple of hours this month on your taxes, there are a few things you can do to maximize your savings and make your life easier come February 2016.
You can start by organizing eligible tax credits—charitable donations, kids’ spots and arts payments, transit passes, education and healthcare expanses. By putting any year-end bonuses into your RRSP before the February 29 deadline, you can avoid the tax.
Other year-end tax-saving tips:
- Make charitable donations
- Contribute to an RESP
- Tax-loss selling
- Installment payments
- Kids’ expenses
So as you spread the holiday cheer this season, make sure you’re giving yourself a tax break as well!
On behalf of the Homeroom team, we wish you all a safe and happy holiday season!!