The end of the year is dangerously close. And I for one, am worried about this year tax. I wonder if I will have to pay more than I was retained at my job or if I will get to see a slight return of my hard earned money.
There are however a few tricks that may help, depending on your circumstances to reduce the burden on you if you do it right before the end of the year.
- Pay your yearly dues to any professional association to which you belong or legal syndicate.
If you are planning on making a political contribution or a donation this is the right time to do it. You will get the corresponding deduction.
Buy and pay for any medical treatment you may have coming. Part of these expenses are deductible.
So is your January pass. Buy it before the 28th.
Here is a very good one: if you are getting married do it before the year end and the whole deduction for the year may be taken by the spouse (it is the same as the personal non-refundable deduction.)
Pay for your children's deductible expenses such as daycare or similar.
Also there is a special consideration for deferred income or bonuses that are not deferred for more than six months. So maybea little relief may be obtained from asking for these dues to be paid on the first day of the next year instead of the 31st of this month.
If you are planning on moving to another province, remember that you are considered a resident of the province where you lived the last day of the year. So, consider to move to that province within 2008 if their bracket for you is lower than the current province where you abide.
Finally, consider putting money away to invest in your RSP up to the amount of your allowable contribution, which is stated in your yearly assessment or by calling the government.