Pay interest on funds borrowed from spouse or parents used for investing to avoid attribution by the 30th
Record odometer reading on the starting on the first of the month to make automobile deductions allowable
EXAMPLE OF A Year Round Tax Plan:
Aim for a December year-end for any new business ventures so that you may take advantage of specific tax dates that are provided
January
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Pay interest on funds borrowed from spouse or parents used for investing to avoid attribution by the 30th |
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Record odometer reading on the starting on the first of the month to make automobile deductions allowable |
February
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Have you paid a family EI? If so consider applying for a ruling to make them EI exempt |
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Deadline for filing T4-short, T4, T4A, and T4F summary and supplementary is the 28th of the month |
March
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Deadline for making your 2005 RRSP contribution is the 1st (unless the government extends it) |
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First 2006 Tax installment due on the 15th |
April
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Review flexible deductions such as RRSP Contributions CCA and allowance for doubtable accounts to maximize your tax rate stair way |
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Deadline for filing personal taxes is the 30th, unless you or your spouses carry an unincorporated business. All taxes owed are also due on the 30th |
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The 30th, is also the last day to file a notice of objection on your 2004 tax return if you or your business dose not own a unincorporated business. |
May
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Hire your children over the summer to save money and lower your tax brackets |
June
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Deadline for filing personal tax returns if you or your business carry an unincorporated business is the 15th of this month |
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Also last chance to file a notice of objection for a 2004 return if you or your spouse carried an unincorporated business |
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Second tax installment for 2006 is due on the 15th |
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15th is the deadline to file your GST for your unincorporated business that has a year-end of December from last year |
July
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Review your tax installment options for the upcoming tax installment |
August
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Review your tax assessment notice to ensure that it agrees with how you file your tax returns. Investigate any significant differences |
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If you have been charge penalties or interest, see if you can get them reversed |
September
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Third tax installment due on the 15th |
October
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Anyone wanting to use the quick method for GST consider applying now for the upcoming year |
November
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Review your tax installment for the upcoming final 2006 payment |
December
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Fourth and final tax installment for 2006 |
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Value your inventory and consider writing off obsolete or damaged inventory if for your year end |
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Consider purchasing any major assets that you require for the upcoming year if your year end is in December |
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Consider delaying any major sales of assets if you have a December year-end till next December |
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If you have a December year-end consider using the cash method of accounting, consider deferring tax by purchasing some of next years supplies now. |
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Record odometer reading to calculate allowable automobile deductions by the end of this month |
