October 28, 2015, No. 2015-30. Now that Canada's federal election is over and the year is coming to an end, it's time to take stock and consider your 2015 and 2016 tax positions. A new Canadian government that campaigned on significant tax changes means that you may only have a few weeks left to properly address time-sensitive issues to help maximize your 2015 personal tax opportunities.
KPMG has prepared the following checklist to help you assess your tax situation for 2015 and make the most of usual year-end planning as well as limited time opportunities to prepare for upcoming 2016 tax changes expected under Canada’s new government. Although these tips can be helpful as you prepare for the new year, remember that effective personal financial planning is best when considered year-round, and not just when you file your tax return at year-end.
For more details on these opportunities, as well as other planning ideas you can use to keep your tax bill low, see KPMG’s latest book Tax Planning for You and Your Family 2016, which will be available soon.
Information is current to October 28, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.