Unfortunately there is one constant in life, taxes. Therefore we have provided some last minute tips to help reduce your overall tax costs for 2009.

NEW FOR 2009 AND 2010

Almost all companies grow, shrink or diversify over time. So they need more, less, or different types of space. If you negotiate your office rental agreement effectively, you'll save the cost of relocating every time your company changes size or direction. For that matter, you can use your lease to generate extra income. That's why it's a good idea to periodically audit all leases, including those of your company's branches or divisions. Check for modifications you might need when it's time to renew the contracts. Here are some quick ideas: When you renew your lease, ask the landlord to provide extra improvements or…

What is synonymous with April? Tulips and tax returns. But once tax returns are finished, can you forget about taxes for the rest of the year?

The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises. The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed. Registered Life Insurance A portion of the premiums paid under a life insurance policy that has been registered as a retirement savings plan is deductible. Group Insurance Group insurance premiums paid by an employer are deductible. (See ‘Did You Know?’ below) Charitable Gifts A deduction is permitted in the case of a life…

There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a  few ideas to consider:  Maximize contributions to your Registered Retirement Savings Plan (RRSP): The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing  tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit. Split pension income: If you…

Tax-Free Savings Account (TFSA): The 2008 federal budget introduced a new Tax-Free Savings Account (TFSA) which, beginning in 2009, will allow Canadians who are 18 and older to save up to $5,000 per year in the TFSA investment vehicle. Unlike a registered retirement savings plan (RRSP), investors will not be able to deduct contributions to a TFSA for tax purposes; however, investment income, including capital gains earned within the TFSA will not be subject to tax, even when the funds are ultimately withdrawn. Increase in RESP Time Limits: The 2008 federal budget increased by 10 years the time available for contributors, such as…