Tax planning to-do list

1. Make the largest RRSP contribution you can afford every year in order to maximize your potential tax refund while building your nest egg. To determine this amount, refer to your Notice of Assessment from last year's income tax return or call Canada Revenue Agency at 1-800-959-8281.
2. If you've just left school and started a new job, find out if you're eligible to claim moving expenses or tuition fees on your next tax return.
3. Rather than hoping for a large tax refund, apply to the Canada Revenue Agency to reduce the taxes you pay at source, so that in April you actually owe the government a small sum. Otherwise, you're just giving the government a free loan all year long.
4. Make sure you're taking maximum advantage of any non-taxable benefits offered by your employer, such as on-site daycare, remote location benefits, transportation, counselling, insurance top-ups and membership fees.
5. Familiarize yourself with tax planning basics and more advanced strategies by checking out some of these books or websites:
   • Canada Revenue Agency http://www.cra-arc.gc.ca > Forms and publications> Form number T1213 – Request to reduce tax deductions at source
   • Tax Secrets for Tough Times by Evelyn Jacks
   • 2005 Tax Planning for You and Your Family by Joseph Petrie
   • Procrastinators Guide to Taxes Made Easy by Grace Weinstein
   • http://www.moneysense.ca/planning/taxes/index.jsp for information on topics ranging from tax deductions for students to the child tax benefit and charitable gifting

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Tax planning to-do list