Tax season is commonly known as the period preceding the April 30 deadline for filing a personal income tax return, a time when we are preoccupied with gathering T slips and expense receipts needed to report income and claim tax credits and deductions. It’s also when many of us realize that, once the tax payable (or refundable) amount has been calculated, some tax planning is in order.
The fiscally wise, on the other hand, regard tax planning as an ongoing process, not an event reserved just for spring. But if there is a specific time of year to view your financial affairs through a magnifying glass, it’s December. Doing so will uncover changes that could be implemented before the year-end and result in a lower tax bill for the current year. It also puts you on the right foot as a new year begins.
