Thursday, December 15, 2005

Count down for 2005 Tax Savings

As the year end gets ever closer, there are a number of tax deductable payments that need to be made in order to lower your taxable income for 2005.

In Canada,Payments due by December 31, 2005

- Charitable gifts;

- Medical expenses;

- Union and professional membership dues;

- Investment counsel fees, interest and other investment expenses;

- Certain child and spousal support payments;

- Political contributions;

- Deductible legal fees;

- Interest on student loans; and

- Contributions to your RRSP if you turned 69 during 2005 (you will also have to wind up your RRSP by this date).
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