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DECEMBER 2014 NEWSLETTER 
Phil's end of year tax planning tips 
The holiday season will soon be upon us and before the festivities begin there are a few tax planning 
reminders I'd like to highlight. If you'd like more information on any of these please touch base with me. 
All business owners should consider: 
• buying needed equipment/computers in December 
• paying reasonable salaries for services performed by family members 
• purchasing gifts for employees up to $500 tax free to them (cannot be gift cards/cash) 
• making your income tax installments on time to avoid CRA interest 
Incorporated business owners also need to consider: 
• reviewing income splitting opportunities 
• updating your salary and dividend mix 
• maximizing 2014 earned income($138,500) to allow for maximum 2015 RRSP contributions 
• making final 2014 Payroll Remittances by January 15, 2015 
Individuals and employees should also review and consider: 
• planning RRSP contributions (March 2, 2015 is the 2014 deadline-check eligible RRSP room) 
• contributing to your Tax Free Savings Account (check your limits) and repay in following year 
• contributing to your children's RESP (maximum $500 grant (20%) on first $2,500 annually) 
• making Charitable Donations 
• selling losing investments to reduce capital gains tax 
• paying larger medical/dental costs in one 12 month period ending in year 
Thanks for your time! 
Phil Sceviour, MBA, CMA 
709-689-3717 
philsceviour@live.ca

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Phil's End of Year Tax Planning Tips

  • 1. DECEMBER 2014 NEWSLETTER Phil's end of year tax planning tips The holiday season will soon be upon us and before the festivities begin there are a few tax planning reminders I'd like to highlight. If you'd like more information on any of these please touch base with me. All business owners should consider: • buying needed equipment/computers in December • paying reasonable salaries for services performed by family members • purchasing gifts for employees up to $500 tax free to them (cannot be gift cards/cash) • making your income tax installments on time to avoid CRA interest Incorporated business owners also need to consider: • reviewing income splitting opportunities • updating your salary and dividend mix • maximizing 2014 earned income($138,500) to allow for maximum 2015 RRSP contributions • making final 2014 Payroll Remittances by January 15, 2015 Individuals and employees should also review and consider: • planning RRSP contributions (March 2, 2015 is the 2014 deadline-check eligible RRSP room) • contributing to your Tax Free Savings Account (check your limits) and repay in following year • contributing to your children's RESP (maximum $500 grant (20%) on first $2,500 annually) • making Charitable Donations • selling losing investments to reduce capital gains tax • paying larger medical/dental costs in one 12 month period ending in year Thanks for your time! Phil Sceviour, MBA, CMA 709-689-3717 philsceviour@live.ca