How to Avoid Tax Induced Crocodile Tears

To avoid income tax surprises, at the end of each year review how much income you made versus the tax you paid in that year (these amounts will be on your paystub). Ensure you have paid enough tax. Listed below are some situations that add to taxable income:

• You work with more than one employer or rental income.

• You received spousal support.

• You withdrew from your RRSPS over the year. 

• You sold property or assets and incurred a capital gain. 

We can work together to ensure you have enough to move money to an RRSP to reduce your taxable income or to save for the bill at the end of April.

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