1. Maximize capital cost allowance claim
The purchase equipment and technology rather than wait for new tax can start. Normally 50% percent claim will allow capital cost allowance, still increase a new asset and setting up yourself.
2. Delay disposes of depreciable assets
The manufacturing equipment or computer does not dispose them until the new year. Otherwise reduce the capital cost allowance.
3. Delay income
The income receives in January rather than December will reduce the tax on income. When the business income is higher than usual or lower tax rates in the upcoming year.
4. Increase business expenses
The upcoming needs for services or products can review the category of potential business and see the low expenses in an area. Never too late for some instances or promotion for business.
5. Make maximum RRSP or TFSA contribution
The excellent way is to reduce a tax and save retirement. The contribution up to 18 percent will earn from income and RRSP is directly deducted from income. The lowest tax bracket of the TFSA will be preferable to an RRSP.
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