Start planning for year-end now

Start planning for year-end now

If the thought of year-end stresses you out, waiting until the last minute isn’t going to help. With the right tools, a bit of planning and knowing what to watch for, year-end can be a smooth, money-saving process.

Knowing the personal and corporate rules about tax brackets and rates is a good start. But this can be challenging since the rules are often tweaked every year. Talking with your accountant can set you straight.

Recently, Lance Stockbrugger, who happens to be a farmer and Chartered Accountant, presented a webinar outlining tips to remember when getting ready for year-end. In addition to the importance of early planning and knowing the rules, he discusses:

• medical expenses
• donations
• old age security
• capital gains and exemptions
• what to consider when it comes to incorporating

Another part of a better year-end experience is remembering important deadlines. The last thing you want is to miss any opportunities, or worse, get penalized for late fees on: 

• charitable and political donations
• salary/dividends declared from corporation
• RRSP contributions
• tax slip filing
• corporate tax returns
• AgriStability/AgriInvest

This is just scratching the surface. To learn more, watch this, featuring Lance. It’s the first step to what could be a better year-end.

Questions? Get answers and share your comments with other software users on our Discussion Boards or search the Knowledge Base. Plus you can always contact us.