The video transcript from 3 Year-End tax tips for small business owners that will help to save you money!
John Paul: Hi there, and welcome to Campanella McDonald’s Tax Tip video. Merry Christmas. Happy Holidays. Today, we’re going to talk about three topics that we think are of interest towards the end of the tax year.
Fabio: So the first topic is going to be donations. I always tell people make donations by the end of the year. Don’t wait until January to make your donations because you’re going to postpone getting the donation tax credit until the following tax year. So if you have donations that you want to make, make them now before December 31st.
John Paul: Good one. Next one we’re going to talk about is equipment, capital purchases towards the end of the year. You’re starting to plan for 2016, 2017. Do you make the investment now or do you make it next year? Our thoughts are make the investment now. You’re going to get the reduced which is half of your CAA, but in 2016, you will get the full CCA. So if you got the scratch, got the money, make the investment now.
Fabio: Yeah, and same thing with our RESPs. Why postpone RESP contributions for your children till next year if you have the money now or you have access to the capital now? Make the contribution now. Get your grant today, and then you’ll get another grant next year. So I don’t see the point in postponing it. It’s not that big of a deal. It’s about $2500.
John Paul: Yeah. So again, Merry Christmas, Happy Holidays. We’ll see you guys next time.
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