Year-End Tax Planning Checklist for Business Owners
ਕਾਰੋਬਾਰੀ ਮਾਲਕਾਂ ਲਈ ਸਾਲ-ਅੰਤ ਟੈਕਸ ਯੋਜਨਾਬੰਦੀ ਚੈਕਲਿਸਟ
Essential strategies to implement before year-end to minimize your business tax liability.
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Key Takeaways
- Year-end planning can significantly reduce your tax bill
- Defer income and accelerate expenses before December 31
- Review RRSP room and contribution deadlines
- Consider bonus vs dividend for owner compensation
Year-End Tax Checklist
💰 Income & Expense Timing
- Defer invoicing to push income to next year (if beneficial)
- Accelerate purchases to claim expenses this year
- Review accounts receivable for bad debt write-offs
- Prepay expenses like insurance or rent
🏢 Corporate Planning
- Review salary vs dividend mix for owner compensation
- Consider paying bonuses before year-end
- Purchase needed equipment for CCA claims
- Review shareholder loan balances
📈 Investment Planning
- Harvest capital losses to offset gains
- Maximize RRSP contributions (deadline: 60 days into new year)
- Top up TFSA if room available
- Review passive income for small business deduction impact
Important Deadlines
RRSP contributions for 2024 are due by March 3, 2025. Corporate year-end varies by fiscal year.
Tax Punjabi Tip
Start year-end planning in October/November to have time to implement strategies before December 31.
Plan Your Year-End Strategy
Tax Punjabi can help you minimize taxes with proper planning.