Author Archives: Shaelene McInnis

Childcare expenses are deductible and can lower your taxable income! Gather all daycare, after-school program, or camp receipts to maximize this deduction, as all payments made by December 31st will be eligible.

If you sold investments this year, it’s a good time to review your capital gains. Selling any underperforming investments by December 31st to realize losses can help offset gains, reducing your taxable income.

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Contributing to a spousal RRSP can be beneficial for tax planning, particularly if you and your spouse have unequal incomes. This is helpful for retirement planning, allowing the lower-income spouse to withdraw funds at a potentially lower tax rate after retirement.