Our focus in personal tax includes a strategy of increasing your net worth while taking advantage of tax credits available to you. While advising on moving investments to registered plans such as the RRSP, TFSA and RESP if this is reasonable in your individual or family circumstance, we will also consider the following to get you to pay the least amount of tax and maximize any refunds available:

1. Review your stock portfolio to see if you can take advantage of your capital gain or loss situation. There may be a tax planning opportunity in taking a loss or a gain depending on your situation. Capital losses can be carried back three years or carried forward indefinitely to offset capital gains incurred during this period.
2. Structure your financial affairs to make your interest tax deductible. You may deduct interest incurred to obtain income from a business, or investment. Careful structuring is important here, thus consulting your tax advisor is recommended.
3. Pool medical expenses. Medical expenses can be claimed in any 12-month period ending in 2010, so it could be beneficial to try to fit known medical expenses into the same 12-month period to maximize your claim
4. Take advantage of the government’s Canada Education Savings Grant by making a contribution to your child’s Registered Education Savings Plan (RESP) before Dec. 31.
5. Lump your donations together before Dec. 31. If you make more than $200 in donations in a tax year, the amount over $200 will also be worth the top 29-per-cent federal credit instead of the minimum 15 per cent for donations under $200.
6. Plan your moving day. As you’re provincially taxable in the province you reside on Dec. 31, you may wish to plan your move based around the difference in tax rates. You also may wish to confirm if you’re eligible to deduct your moving expenses on your personal return.
7. Consider loaning money to from the higher income spouse to the lower income spouse. The current prescribed rate is very low, thus loaning money to the lower income spouse, who subsequently invests the funds at a higher rate than the prescribed rate, can potentially result in a significant tax savings than if the higher income spouse invests the funds in his or her name.
8. If you have a business – consider incorporating. Corporations pay a low rate of tax of only 14% in Alberta on the first $500,000 of taxable income, generally much lower than individuals.