Weekly Tax Tip - Pay amounts eligible for deduction or credit prior to December 31

December 18, 2017

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Many items which are creditable or deductible for tax purposes must be paid by the end of the year. These amounts include alimony and maintenance, child care expenses, investment counsel fees, professional dues, charitable donations, medical expenses and political contributions. To ensure that you will benefit from the tax deduction or credit in 2017, be sure that you pay these amounts by December 31, 2017. Your BDO tax advisor would be pleased to provide further details.

This tax tip is a publication of BDO Canada LLP on developments in the area of taxation. This material is general in nature and should not be relied upon to replace the requirement for specific professional advice. The information in this tax tip is current as of December 18, 2017.