2023 tax planning tips: a quick reference guide

Tax planning tips

Tax planning strategies to help reduce the taxes you pay

Nobody likes to pay more tax than they have to. With a little planning, and the strategies presented here, you can be on your way to a lower tax bill. These tax planning tips, which include making use of deductions and federal tax credits that are available to you, can help you on your way to the lowest tax bill possible.

We discuss various tax-saving concepts and strategies including:

  • Deductions that will reduce your taxable income including:
    • Contributing to an RRSP or spousal RRSP
    • Realizing capital losses
    • Pension income splitting
  • Maximizing your non-refundable tax credits to reduce taxes owing by claiming the following credits:
    • First time home buyers credit
    • Pension income credit
    • Medical expense credits
    • Donations and gifts
    • Tuition and student loan credits
    • Canada caregiver credit
  • Refundable tax credits that help reduce taxes owing and may lead to a refund including:
    • Canadian workers benefit (CWB)
    • Medical expense supplement
  • Late year investing tips
  • TFSA contribution and withdrawal strategies
  • RRSP withdrawal strategies
  • Reducing tax withheld by your employer
  • CPP/QPP and OAS considerations
  • Corporate income splitting using salaries and dividends
  • Corporate donations

To help you prepare for filing your tax return be sure to use our handy tax return checklist and benefit from tax savings.

The commentary in this publication is for general information only and should not be considered investment or tax advice to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. Manulife, Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

MK33577E 01/2023

Tax, Retirement & Estate Planning Services Team

Tax, Retirement & Estate Planning Services Team

Manulife Investment Management

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