The top federal income tax rate has gone up from 29% to 33%. Conversely, for those taxpayers in the top tax bracket, tax deductions can be more valuable. Also, the value of charitable donation tax credits is increased for 2016. For individuals paying tax at the new top marginal tax rate, they may qualify for a 33% federal charitable donation tax credit—or up to a 54% combined federal and provincial credit, depending on their province of residence.
To assist in preparing for 2016, KPMG in Canada has prepared a checklist that can be used to determine potential tax savings this year. This checklist can be used to review investments, family tax situation, retirement and estate planning, and key tax return filing or payment deadlines.
Read an October 2016 report [PDF 118 KB] prepared by the KPMG member firm in Canada: 2016 Year-End Personal Tax Planning Tips
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