Some of the tips for early tax planning for the current year to reduce the tax, help out members in the family and to support favorite charities. Tips are explained below:
The adjustment is done in source deduction amounts: From person salary, employer will deduct some amount of money in each pay cheque.
RRSP contributes: People can contribute some amount of money on a monthly basis if not they cannot able to do with a lump sum.
Income splitting: People can split their income for a spouse or children.
Tax credit from home accessibility: If people are senior or a person in disability can make use of this plan.
Registered Education Saving plan: People can contribute least $2500 then the Canadian government will provide some amount for child education constantly.
Plan for retirement: This plan will be very useful for the people while retirement.