Entries in Year-end Planning (1)

Friday
Jan042013

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.

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