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Don’t pay more taxes than necessary…

You may not be able to control the economy but you can control the amount of income taxes you pay.

The growth of wealth in your lifetime will occur naturally if you do some of the right things. But the capital you accumulate — your savings — can fall victim to the eroding effects of inflation and economic uncertainty if you aren’t careful. Fortunately, under our system of self-assessment, it is your legal right to arrange your affairs within the framework of the law to pay the least possible taxes. So, to secure your own future and that of your heirs, be tax-efficient and protect earnings and savings.

Plan now to avoid overpaying annual taxes

There are two very good reasons to start your yearend tax planning now:

  • If you pay your taxes in quarterly instalments, you need to review income earned in the current tax year so as not to overpay your December remittance.
  • By planning ahead, you can reduce taxes payable for 2012 — by giving to charity before yearend, for example, or by freeing up funds to make an RRSP contribution or digging for receipts so you can claim all the write-offs for which you qualify.