1 RRSP contributions must be made by March 1, to obtain a deduction from current year's income. Your maximum contribution can be found on your notice of assessment.

2 Medical expenses are claimable in any 12-month period ending in the taxation year. Try to lump large costs together to ensure a maximum claim.

3 If you are self-employed you may wish to consider making capital expenditures such as purchasing equipment or automobiles before December 31. Please consult us further for more information.

4 Tips and gratuities should be included in income for the year that they are received.

5 Interest on loans borrowed for the purpose of investing in an RRSP is not deductible from income. It may be beneficial to borrow to maximize contributions. As there are several factors to consider when making this decision we recommend consulting a professional.

6 Tax returns are due by April 30. If you are self-employed this deadline is extended to June 15 but be careful! If there is a balance owing on your return it is payable by April 30. Interest will apply to late payments.