11/24/2023
It's nearly December and it's time to think about next year's personal taxes 😱 is there anything you can do to maximize your return next year?? Here's some topics to explore:
-RRSPs - you have until the end of Feb to contribute for the 2023 year (you typically get back 25% of what you contribute)
-Income - check the government tax brackets for your income and where you're getting close to for your year to date. You may have some control over your tax rate
-Medical Expenses - everyone has an amount they need to spend on their medical expenses to get a tax break - maybe it's time for that extra expense
-Childrens fitness - we do get a tax break on what we pay for children's recreation so maybe time to sign up for that next class
-Start collecting receipts - you can start now then ask for investment, daycare, T slips etc as soon as Jan 1 to get a head start (your employer's due date is Feb 29 though)
Good luck with the last 5 weeks of the year!