Saving Taxes When Investing

1. If your spouse has little or no income except dividends, consider electing to have the dividends taxed on the higher income spouse's return. This would preserve the spousal credit and make the tax credit on dividends available to the higher income spouse.

2. Defer tax by acquiring investments that mature shortly after December 31 such as term deposits that mature yearly. This would put the interest income taxable in the following year.

3. If you purchase investments outside of your RRSP consider borrowing money to fund the investment purchases instead of using cash reserves. The interest on the loan can be deductible.

Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice. 

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