Tax Tips

When to Deduct an RRSP Contribution

You don’t have to deduct an RRSP contribution the year in which it is made; instead, you can carry it forward for deductions in a future period when you have income placing you in a higher tax bracket. Be sure to have utilized all personal tax credits before deducting your RRSP contribution.

Minimize Overall Family Taxes

Pension income splitting might be a good strategy to minimize overall family taxes if the spouse to whom the funds being transferred has low or no other, sources of income.

Earning Less Than Your Spouse?

If you earn less than your spouse, keep a clear record of the source of your investment funds to ensure that your investment income is attributed to you

Deducting Moving Expenses

You do not necessarily need to have a job already lined up at your new location to become eligible to deduct moving expenses against earned income when you eventually find and begin work at the new venue within a reasonable period of time.

Selling Your Residence?

When selling your principal residence, it would be prudent to fill out our CRA form T2091: designation of a property as a principal residence by an Individual, especially in situations where doubt could arise with respect to any part of the amount you are claiming. A principal residence can include a house, apartment, condominium, duplex unit, cottage, mobile home trailer or house boat.