Published: March 17, 2020
Last Updated: April 26, 2021
Tax planning is an ongoing process
Tax planning is an ongoing process. Once you have filed your previous Canadian income tax returns, it is the time to start planning for the current year.
Consider Tax Planning
Tax planning is arranging your income tax affairs in order to legally minimize your Canadian income tax burden. Now is the time to carry out year end tax planning. Consider retaining a Canadian tax lawyer for assistance.
Acquire business assets before December
If you are thinking of acquiring business assets, acquire them before December to be able to claim capital cost allowance (depreciation for Canadian income tax purposes) in the current year.
Earned income on investments bought in a child’s name with the Child Tax Benefit
Attribution rules don’t apply to earned income on investments bought in a child’s name with the Child Tax Benefit provided an account was established for the child.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
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