If you were laid off from work in 2013 and received a large severance package, make sure to do your tax planning before the end of February. If you have substantial RRSP contribution room you may want to max out your contributions. If you don’t have a new source of income in 2014 you could even remove some of your RRSPs in order to make the RRSP contribution. Doing so can shift your high income in 2013 to a potentially lower tax bracket in 2014.
If you would like professional tax planning this year please book an appointment at our Surrey Accounting office to speak with one of our designated accountants.