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Tax Planning for You and Your Family 2014 

KPMG’s Tax Planning for You and Your Family 2014 has been compiled to assist you with your tax and financial planning.

Tax Planning for You and Your Family 2014

 

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The 2014 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 a Registered Retirement Savings Plan (RRSP) and contribute early in the year instead of the following February (3.1.9)
  • Contribute up to $2,500 annually to a Registered Education Savings Plan (RESP) and earn a 20% government grant towards your children's education (4.4)
  • 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 $5,500 annually to your TFSA for tax-sheltered growth (4.1.1)
  • Compare the advantages of TFSAs, RRSPs and RESPs (4.2)
  • If you have a corporation, calculate your optimum salary/dividend mix (14.2.9)
  • Consider 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 2014-2015 at kpmg.ca/taxfacts.

 

For regular updates of key corporate and personal tax rate tables, see below links:

 

 

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