Year-end Tax Planning in Canada

by Lakeshore Bookkeeping Services
(Prince George, BC)

Here are some blogs that are carrying year end tax planning tips:

PWC Canada - Year-end tax planner – 2011 What individuals and owner-managed businesses need to do now to save tax November 1, 2011 at http://www.pwc.com/en_CA/ca/tax/publications/year-end-tax-planner-2011-en.pdf

Ernst & Young's 2012 annual income tax guide is available as a downloadable PDF or as an eBook for your smartphone, eReader or tablet at http://www.ey.com/CA/en/Services/Tax/Tax-MYPT

BDO has a year-end tax planning checklist at http://www.bdo.ca/library/publications/tax/taxfactors/2011-04/Year-end-tax-planning-checklist.cfm

The Tax Guy - 2011 Year end Tax Planning Strategies December 14, 2010 at http://blog.taxresource.ca/2010-year-end-tax-planning-strategies/
(Note - I think this site was sold because blogs are infrequent since June 2011 so I'm not sure the advice will always be up-to-date anymore)


Updated December 16, 2011

Comments for Year-end Tax Planning in Canada

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Dec 19, 2010
 Canadian Tax Calculators
by: Lakeshore Bookkeeping Services

Ernst & Young have some free income tax calculators. You will find them at ey.com> Services> Tax> Tax calculators
Feb 26, 2011
 Why File a Tax Return in Canada?
by: Lake

The Tax Guy has a very good write up on why Canadians should file a tax return, even if you don't have any income to report.

Our tax returns are now called "Income Tax and Benefit Return". To receive any federal or provincial benefits, you now need to have filed a return.

But The Tax Guy gives more reasons. Check them out at his blog:


blog.taxresource.ca/why-file-a-canadian-income-tax-return/
Apr 05, 2011
 CGA Ontario Your Personal Tax Planning Guide 2011-12
by: Bookkeeping Essentials

While I was googling for something else, I came across this publication that may be useful to you, especially if you live in Ontario.

CGA Ontario has released Your Personal Tax Planning Guide 2011-12.

The section on Taxable and Non-Taxable Benefits is worth a look at. It begins on page 14.

The section on vehicle use for employees is a must read.

If you have the use of a company vehicle, check out page 16 for tips on how to reduce your taxable benefits.

Beginning on page 18, you will find tax planning tips if you use your personal (employee-owned) vehicle for business. The ever important auto log is discussed. "Without a statistical record, a taxpayer often has a tendency to overestimate the percentage of kilometres incurred as a result of business activities."

Page 19 discusses travel between your home and the employer's office as being personal travel by CRA. However, a 2007 court case discussing an exceptions is presented.

Employee automobile allowances are not discussed in the 2011 planner but can be found in the 2010 planner (http://www.cga-ontario.org/assets/file/PTP2010.pdf) on pages 21 and 22.

Self-employment income are examined beginning on page 24 while a discussion on the optimal mix of salary versus dividends from a business are analyzed. Information about establishing a management company or professional corporation starts on page 26.

Also, take a peak at the section on automobile expenses for the self-employed on page 33.

There is an excellent section on Farming Considerations.

Appendix VI has filing deadlines for 2012 which cover employee stock option plans to intra-family loan interest payments to company car operating expense reimbursement and personal use of vehicle reminders.

This guide is top notch and easy to read.

Updated December 16, 2011

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