Phil provides end of year tax planning tips for business owners and individuals in his December 2014 newsletter. Some tips for business owners include buying equipment in December, paying family members reasonable salaries, and giving employees gifts up to $500 tax free. Incorporated business owners should review income splitting, salary and dividend mixes, maximizing 2014 income for RRSP contributions, and ensuring final 2014 payroll remittances by January 15, 2015. Individuals and employees are reminded to plan RRSP contributions by March 2, 2015, contribute to TFSAs and RESPs, make charitable donations, and sell losing investments to reduce capital gains tax.