Time to Save on your personal Taxes

It's not too late!

As we approach the end of the year, it’s a good idea to think about personal income tax planning now so that you can maximize tax savings in 2021 and be prepared when final tax payments are due.

Below are some strategies to help you manage your tax costs. Keep in mind that while not all of these strategies may apply to your particular situation, An OpenGate CPA can assist you with your tax planning needs.

1. Understand tax implications of government COVID-19 benefits

2. Consider selling investments with accrued losses

3. Pay and manage amounts eligible for deduction or credit

4. Consider purchasing luxury goods before

5. Contribute to your RRSP

6. Sell non-qualified investments in your RRSP

7. Make your required Home Buyers’ Plan repayment

8. Check your personal income tax instalments

It's not too late to save on your 2021 taxes

Tax planning shouldn't be something that only happens when you file your tax return. By investing some time to review your personal tax situation during the year, and especially as you near the end of the year, you may find some easy ways to save on your annual tax bill.

OpenGate CPA offers a free one-hour consultation. Book a no-charge, risk-free consultation to talk about your unique situation and learn how OpenGate can provide value to you and your business.