Looking after your INterests

2011-12-30     Canada Pension Plan changes for individuals aged 60 to 70 — January 2012

2011-12-21     Important Dates For Year End    

Dec. 31 (which falls on a Saturday this year so plan accordingly) marks the last day to contribute to certain registered plans and take advantage of certain tax credits.

  ~ Charitable donations and other tax credits/deductions
All charitable donations must be made before Dec. 31 in order to receive a tax receipt for 2011. Dec. 31 is also the final payment date for a 2011 tax deduction or credit for expenses such as medical costs, childcare, tuition and the recently introduced children’s fitness and arts tax credits.

  ~  TFSA withdrawals
If you are planning a withdrawal from your tax-free savings account (TFSA), consider making this withdrawal in December instead of waiting until the new year; as this would result in additional TFSA contribution room in the following year.

  ~  RRSP contributions for those turning 71
Individuals who turned 71 years of age in 2011 must collapse their RRSP by the end of the year. Such individuals should consider a final RRSP contribution (assuming unused contribution room exists). There have also been some important tax changes in recent years (such as pension income splitting, the amendments to the Canada Pension Plan and the introduction of the TFSA) that may affect Seniors and retirees tax planning.

2011-12-20     Your Guide to 2011 Tax Reporting:     As you prepare your 2011 income tax return, this brochure will assist you in understanding the tax forms you will receive from DundeeWealth and provide you with expected mailing dates for each form.

2011-12-20     Make your charitable donations count for the 2011 tax year.   Did you know ...  (click here)

                                ~ Give the gift of charity this holiday season ~

You've worked hard to accumulate wealth, and you and your family should be the ones who enjoy the rewards of your efforts.

There are key strategies that can be employed to ensure that during your lifetime you don't pay any more tax than necessary by law. We also want to ensure that eventually, when the time comes, the bulk of your estate will remain for your beneficiaries, and not be eroded by unnecessary taxation.

Is your tax plan in place for this year?  Give us a call, we can help.

We look at the entire picture.

When we initially meet with you, we review your situation from a complete financial viewpoint, taking into consideration your goals and timeline, your investments, and your estate plan. All of these components are dynamic pieces of the whole, and are intricately entwined. In order to maximize tax efficiencies, all facets must be carefully constructed.

To ensure your family's utmost tax efficiency, here are a few of the many areas we look at:

• tax planning as a family unit
• how to invest tax-smart
• tax strategies for employees and self-employed
• tax loss selling
• severance packages and taxation
• strategies for retirement
• dispositions of properties / real estate
• estate tax planning strategies

Do you have questions regarding your tax situation? Email your questions and get the answers you need, or call Jennifer Moulder at 604-575-6911.

Some interesting articles concerning taxation:

ARTICLES

• Personal Tax Planning
• Planned Giving Means Tax Savings
• Reducing Taxes Paid At Source
• Tax Advantages Charity Donations
• Tax Loss Selling
• Tax Tips For The Self Employed

Some interesting links concerning taxation:

LINKS

• Canada Child Tax Benefit
• Corporation Tax Rates
• GST/HST Rates
• Income Tax Rates - 2011
• Income Tax Rates - Previous Years
• Important dates for RRSP, RRIF, HBP, LLP and RDSP
• Resolving Tax Disputes
• Tax Payment Instalment Due Dates
• Tax Return Filing Due Dates
• Tax Savings for Tradespersons
• Taxpayer Bill of Rights
• Taxpayer Bill of Rights Guide
• Budget 2011 - Province of B.C.
• Budget 2010 - Province of B.C.