It’s summer, and the sun should be shining – or perhaps you’re in Alberta where we are feeling a bit waterlogged these days – and we shouldn’t be talking tax! However, it may be the best time to start thinking about your tax situation.
Have things changed this year, or are you planning on making changes? Maybe you jumped into the real estate market and bought your first home – Congratulations! That’s a big step! And Yes, there is a tax credit for that. Maybe you sold your home or decided to convert your home to a rental property. Great! Did you sell your family cottage, or are you thinking about it? Reach out to your accountant or tax preparer to find out what you need to keep track of to simplify the preparation of your taxes next spring, or how you can manage the tax effect of any of these transactions.
Perhaps you retired and received a payout on your job. Or you lost your job and had to withdraw some of your registered retirement savings. Or you started a new job where you are required to use your own vehicle for work, but you can “write it off” – what does that even mean? Maybe you quit your job to start your own business (exciting and a bit scary!). This may be the best time to reach out to your accountant and have a chat. It’s always easier to do proactive tax planning than retroactive tax planning.
