Tax Season ends today! It’s tax planning time!

It is officially the end of the tax season. Today is the last day for most Canadians to file their personal income tax returns. I do hope that I have provided you with all the information and tips that you may need to save on your 2009 taxes.

With the end of the tax season, I would like to remind you that now is the time to get your tax plan in place. As I’ve always mentioned before, it is best to consult a professional to make sure that you are offered the best possible tax saving strategies applicable to you.

Here are a few reminders to get you started on your tax planning:

• The key to successful tax planning is starting as early in the year as possible, well before committing to any large purchases or transactions.
• Tax planning is not a one time deal. It is a continuous and ongoing process.
• Every transaction we make has possible tax consequences. So whether you are purchasing a business or making an investment, having a tax plan in place is your best strategy to ensure that you do not lose any money in the end.
• Tax planning must be done as a couple if you are married or have a common law partner. Because spouses’ tax returns are related, and we can split income, deductions and credits between spouses, tax planning as a couple will ensure that you do not miss out on any tax savings.
• Do personal and business tax planning together if you own a business. If you do not plan personal and business tax together, you will not be able to have an accurate tax plan.

Remember, a tax plan is an ongoing process. Start early in the year to ensure that you maximize your tax deductions and credits. You will not regret it when it’s time to file your 2010 personal income tax returns!