"We know that for most Canadians, their tax bill isn't top of mind until crunch time," said Jamie Golombek, managing director of tax and estate planning for CIBC Financial Planning & Advice, and author of the report, 2017 Year End Tax Tips. "But, everyone – from investors to students and small business owners – can save money on their 2017 tax bills through various tax credits and benefits if they take certain steps before year-end. If you don't consider them by Dec. 31, it will be too late when you file your tax return next April."
In the report, Golombek provides a comprehensive overview of some notable tax-planning opportunities that should be considered before the Dec. 31 deadline:
- New deadline for tax-loss selling
- Charitable donations for first-time donors
- Home renovation tax credits
- Private corporation business owners
"Business owners should seek specific advice from their tax expert to understand how the revised tax rules will impact them," Golombek said in a news release. "The tax environment is constantly evolving, which is why it is important for tax planning to be part of ongoing business planning.
Read the full report.