R Brenton Driscoll
CPA, CA *
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As we rapidly approach the Christmas season and another year-end it may be time to reflect and do some tax planning. While the following list is far from exhaustive, it may trigger some ideas:

  • certain expenditures made by individuals by December 31 will be eligible for tax deductions or credits including donations, political contributions, medical expenses, eligible employment expenses, interest expense, etc.
  • no taxes were withheld on some of the 2021 Covid payments [i.e. CERB] you may have received BUT taxes will be payable on those amounts in April when you file your tax return
  • seniors who 2021 taxable income exceeds $79,845 will see some of their Old Age Security clawed back. If you haven’t claimed OAS yet and will be over this income level, perhaps defer collecting OAS until age 70
  • if you own a business or rental property, any planned capital asset purchases made this year will be deductible this year under the accelerated depreciation rules
  • if you have significant 2021 capital gains - do you have some losers that might be sold to offset the tax on the gains? You can repurchase the same investment 30 days after the sale to be safe from the loss being disallowed
  • for those of you with children (grandchildren) 2021 RESP contributions will attract a grant of 20% ($500 cap per child) for 2021 contributions
  • to maximize your 2022 RRSP contribution you need an income in 2021 of $162,278. Remember that dividends don’t count, only salary on your T4
  • you have until March 1, 2022 to make 2021 RRSP contributions

If you have questions, please give me a call.


We will be closed over Christmas from noon on the 24th reopening on Monday, January 3, 2022.


  2021 YE Tax Planning

2021 4th Quarter Tax Tips & Traps

 

If the attached documents raise any flags or questions, please  call or come in and see me so we can review your particular situation.


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If there is anything we can do for you, please give us a call.

R Brenton Driscoll, CPA, CA

403-938-2666     or    Brent@rbdriscoll.ca


Monday - Friday 8:30 am - 4:30 pm

Long weekend Fridays we close at 2 pm

(closed @ noon for a hour) 

In case of emergency please call me at (403) 818-7570

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