This publication offers practical, easy to understand strategies that can help you keep more of your hard earned dollars and boost your family’s net worth.
The 2013 edition of Tax Planning for You and Your Family offers a wealth of tips and techniques to help you plan for a prosperous future, including the following:
- Contribute as much as you can to an RRSP and contribute early in the year instead of the following February (3.1.9)
- Contribute up to $2,500 annually to an RESP and earn a 20% government grant (4.2)
- Structure your investments to make interest deductible (7.2.3)
- If you have a spouse, combine your charitable donations and claim them on the higher-income spouse’s return (8.1)
- If you own a business, consider the potential benefits of incorporating it (11.5)
- Contribute up to $5,000 annually to your TFSA for tax-sheltered growth (3.4)
- Compare the advantages of TFSAs, RRSPs and RESPs (3.4.5)
- If you have a corporation, calculate your optimum salary/dividend mix (14.2.9)
- Considering splitting pension income with your spouse (20.3.6)
- Take advantage of family income-splitting opportunities such as spousal loans (5.3.4)
- Make a will and update it regularly to minimize taxes on death (21.2)
For more information on personal and corporate tax rates, view KPMG’s sister publication Tax Facts 2012-2013 at kpmg.ca/taxfacts.
Access Tax Planning for You and Your Family 2012