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Personal Tax Tips Print E-mail

1. You need to file a statement of income and expenses if you received income from rental of real estate or other real property. If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership. Generally, you can deduct any reasonable expenses incurred to earn rental income.  If you rent part of the building where you live, you can claim the amount of your expenses that relate to the rented part of the building.

2. Consider taking a low interest or no interest loan from your company or employer, and use the money to pay down non-deductible personal debt. The additional tax you pay on the taxable benefit associated with the low interest or no interest loan will be less than the interest you save by paying down your debt.

3. Take advantage of stock options. They can give you ownership and a good investment at a bargain price, and the tax associated with them can be reduced if they are structured properly. In addition, recent government budget proposals make them even more attractive.

4. If you have realized capital gains during the year, consider offsetting this income by selling any investments with an unrealized capital loss before year-end.

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