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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