Some Great Tax Tips For 2015
Image: Alan Cleaver
As the close of this years tax season is upon us, we wanted to give you some good tax tips. We found these posted on the CPA a website and thought you’d get some benefit from them!
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Ernst & Young suggests that reviewing your 2013 return and notice of assessment can help you determine if you have any carryforward balances that may be used as deductions or credits in your 2014 return.
2. Don’t collapse your RRSP too early
According to a CBC news report, if you plan on leaving Canada, it could be beneficial for you to wait until you are a non-resident before you collapse your RRSP and move the proceeds to your new country of residence.
3. BC’s tax rate on taxable incomes over $150,000 is 16.8%
PricewaterhouseCoopers suggests that if your income for 2014 exceeds $150,000 in 2014 or 2015, consider delaying taxable bonuses and discretionary dividends until 2016, as the rate is expected to decline to 14.7% after 2015.
The CRA has posted some of the most common tax mistakes made on income tax and benefit return. Make sure you review them and avoid making these mistakes!
If you’d like some one to one advice, please feel free to get in contact.
