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We have been practicing in accounting profession since 1994 under Tax Return Preparation and Filing services located in Richmond Hill, Ontario. We can file your tax return and do income tax planning to maximize your tax savings. Personal tax return filing due date: May 2, 2022
It’s December, and time to think of some tax planning ideas. If you wait until your tax return is due next April or June, it will generally be too late to change your tax situation for this year.
Below, in no particular order, are some ideas and tips which may be useful to you before year-end.
1. Charitable Donations
Charitable donations must be made by December 31 to be counted for this year.
Charitable donations receive special tax assistance. Donations that exceed $200 per year give you a tax credit calculated at the highest marginal rate. If your taxable income for 2013 (after all deductions) exceeds $135,054, the charitable donations credit is worth the same as a deduction.