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Strachan- Hill Wealth Advisory Group
Jeff Hill
Bob Strachan
Anka Nicol
Megan McCarthy

Tel: 613-562-6472
Tel: 613-562-6400
Fax: 613-562-6500
Toll Free: 1800-230-9775

Address
979 Bank Street, 6th Floor
Ottawa, ON
K1S 5K5
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Commentary

Reduce Your Personal Taxes

Preparing your income tax return can be stressful and time consuming, but there are tactics that can help reduce the amount of tax you pay:

Employment Income

  • Exercising employee stock options? - Speak to your employer about deferring the employment benefit.
  • Will you have an employer provided car? - Keep track of personal and business use to reduce the income inclusion.
  • Receiving a bonus? - Defer it for a year if you will be in a lower tax bracket.
  • Do you have unused RRSP contribution room? - Make this year's contribution now and start enjoying tax-deferred earnings.
Investment Income
 
  • Keep investments that generate interest income in a registered account to defer taxing the income and hold dividend paying investments that are taxed at a lower rate outside your RRSP or RRIF.
  • Will you realize a capital gain? - Carry forward losses realized in previous years to reduce taxable gains.
  • Are you and your spouse splitting investment income? - Consider a loan for investment purposes.
Charitable Donations
 
  • Do you and your spouse make charitable donations? - Claim all donations on one tax return regardless of the donor. You receive a tax credit equal to 16% on the first $200 donated and 29% on any additional donations.
  • Are you planning to sell investments during the year? Will you also be making a charitable donation? - Donate the investments directly to charity and halve your tax.
Pension income
 
  • Are you and your spouse collecting CPP/QPP? - Sharing benefits may reduce the total tax on this income and may also prevent the higher income earner from losing any OAS entitlement.
  • Are you collecting an employer pension? - A $1,000 tax credit is available to individuals in receipt of employer pensions and also to those aged 65 or older who receive RRIF payments.

For more information please contact us directly.