As we begin a new year, here are my top 10 tax resolutions for minimizing your tax burden and maximizing your financial position in 2016.
1. Contribute $5,500 to your TFSA for 2016. Last year’s TFSA dollar limit was $10,000 so if you didn’t maximize your 2015 contribution, you can still do that this year as well.
2. If you expect to be in a lower tax bracket when you retire than you are this year, consider making an RRSP contribution. While much of the focus over the next 60 days will be on the 2015 contribution deadline of Feb. 29, 2016, why not get a head start on your 2016 contribution. The RRSP limit for 2016 is the lesser of 18 per cent of 2015 earned income or $25,370.
Read more form Financial Post