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A FEW PERSONAL INCOME TAX TIPS

DID YOU KNOW…

• if you are over 69 years of age, but your spouse is not, you can still make spousal RRSP contributions if you have available RRSP contribution room
• contributions to a spousal RRSP plan rather than your own can provide an effective means of income splitting and thereby reducing personal income taxes in the future
• there is a time limit for you to obtain refunds for personal income tax returns or adjustments not yet filed
• filing income tax returns for children as young as 16 or who have earned income below taxable levels has tax advantages
• medical premiums paid for insurance coverage while travelling outside of Canada are eligible medical expenditures
• a donation of personal goods to your favourite charity can often qualify as a charitable donation
• incorporation of a proprietorship may result in reduced income taxes
• investing can be structured to allow you to deduct your mortgage interest
• there are certain investments that are structured to provide annual tax-deferred distributions

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