2013 Tax Planning, What Can You Do Now?
Happy New Year 2014.
Yes, it’s a very happy new year for taxman.
Your income is going to be taxed more, starting January 1, 2014. If you are an employee, you will see your net take home income going down a bit, because of increased contribution of CPP and EI.
As I was reading my Daily Newspaper on January 2nd, I saw a news headline “Now is the best time for Tax Planning” featuring a prominent tax expert. I thought he was referring to 2014 tax planning, now is the best time to plan ahead of how much tax you would like to pay in 2014.
To my surprise, in the article, he was mentioning about tax planning for 2013. He must have a time machine, to plan for 2013 taxes after January 2nd, 2014. more »
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