Our annual Tax Tips Guide is here to assist you in your tax
planning, presenting some quick ideas and strategies for you to
consider.
If you are employed
Reduce tax withheld at source:
If you will have large tax deductions available to you (e.g.,
RRSP contributions, tax shelters, interest, business losses, work
related car expenses, tuition credits, or alimony), apply in
advance to the CRA for a reduction of the payroll withholdings that
are withheld from your salary.
Minimize taxable employee benefits:
Arrange to receive non-taxable benefits from your employer
instead of taxable benefits where possible. Examples of non-taxable
benefits include: employer contributions to a registered pension
plan (the pension is taxable when you receive it); and
contributions to a "private health ser- vices plan," such
as those covering medical expenses, hospital charges and drugs not
covered by public health insurance and dental fees.
