Income Tax Planning Time of Year

Well its that time of year again, everybody favorite time of year. You can hear the birds singing and the decorations are mounted… Yes of course, it must be tax season! Well don’t fear tax season doesn’t have to be the worst time of the year. It can actually be great if you learn the tricks to maximize your tax credits and minimize the tax your have to pay.

Three simple tax tips to minimize the tax you have to pay:

1) Invest in your RRSP or IRA – These plans are designed to allow taxpayers to defer tax until retirement. Utilize them as the benefits are 2 – fold, defered tax payments and tax free interest compounding

2) Maximize your living deductions – If your a student, a retiree or a parent there are specific deductions that apply to you. Check with your accountant to be sure you are claiming them on your return.

3) Dont file late – Never miss the filing deadline as fees and interest penalties can be supstantial

More details at www.taxcanadainformation.com