Tax planning tips
Tax planning strategies to help reduce the taxes you pay
Nobody likes to pay more tax than they have to. With a little planning, and the strategies presented here, you can be on your way to a lower tax bill. These tax planning tips, which include making use of deductions and federal tax credits that are available to you, can help you on your way to the lowest tax bill possible.
We discuss various tax-saving concepts and strategies including:
- Deductions that will reduce your taxable income including:
- Contributing to an RRSP or spousal RRSP
- Realizing capital losses
- Pension income splitting
- Maximizing your non-refundable tax credits to reduce taxes owing by claiming the following credits:
- First time home buyers credit
- Pension income credit
- Medical expense credits
- Donations and gifts
- Tuition and student loan credits
- Canada caregiver credit
- Refundable tax credits that help reduce taxes owing and may lead to a refund including:
- Canadian workers benefit (CWB)
- Medical expense supplement
- Late year investing tips
- TFSA contribution and withdrawal strategies
- RRSP withdrawal strategies
- Reducing tax withheld by your employer
- CPP/QPP and OAS considerations
- Corporate income splitting using salaries and dividends
- Corporate donations
This communication is published by Manulife Investment Management. Any commentaries and information contained in this communication are provided as a general source of information only and should not be considered personal investment, tax, accounting or legal advice and should not be relied upon in that regard. Professional advisors should be consulted prior to acting based on the information contained in this communication to ensure that any action taken with respect to this information is appropriate to their specific situation. Facts and data provided by Manulife Investment Management and other sources are believed to be reliable as at the date of publication.
Certain statements contained in this communication are based, in whole or in part, on information provided by third parties and Manulife Investment Management has taken reasonable steps to ensure their accuracy but can’t be held liable for such information being inaccurate. Market conditions may change which may impact the information contained in this document.
You may not modify, copy, reproduce, publish, upload, post, transmit, distribute, or commercially exploit in any way any content included in this communication. Unauthorized downloading, re-transmission, storage in any medium, copying, redistribution, or republication for any purpose is strictly prohibited without the written permission of Manulife Investment Management.
Manulife Investment Management is a trade name of Manulife Investment Management Limited and The Manufacturers Life Insurance Company.
Manulife, Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.