Year-End Tax Planning Tips
Tax Planning7 min read

Year-End Tax Planning Tips

Strategies to minimize your corporate tax liability before the fiscal year ends.

Purchase Capital Assets

If you are planning to buy new equipment or computers, doing so before your fiscal year-end allows you to claim Capital Cost Allowance (depreciation) for that year (subject to the half-year rule).

Accrue Expenses

Ensure all expenses related to the current year are recorded, even if you haven't paid them yet (if using accrual accounting).

Salaries vs. Dividends

Review the mix of salary and dividends paid to owner-managers to optimize personal and corporate tax loads. This often requires professional advice.

Official Resource: Claiming Capital Cost Allowance (CCA)