2003 Year-End
Personal Tax Planning Tips 

You still have time to take steps to save on your 2003 personal income taxes. Keep the following tax planning tips and deadlines in mind as you take stock of your tax situation for 2003.

Make payments eligible for 2003 tax savings on time

The following is a list of deadlines that must be met to save on your 2003 taxes:

Payments due by December 31, 2003:

• Charitable gifts

• Medical expenses

• Union and professional membership dues

• Investment counsel fees, interest and other investment expenses

• Certain child and spousal support payments

• Political contributions

• Deductible legal fees

• Interest on student loans

• Contributions to your RRSP if you turned 69 during 2003 

Payments due by January 30, 2004:

• Any interest owed on 2003 inter-family loans

• Any interest payable by you on loans from your employer, to reduce your taxable benefit

Payments due by February 14, 2004:

• Reimbursement of personal car expenses to your employer to reduce your taxable operating benefit from an employer-provided automobile 

 Payments due by March 1, 2004:

• Deductible contributions to your own RRSP or a spousal RRSP.  You can contribute a maximum of $14,500 for 2003 subject to your available contribution room

• Contributions to a spousal RRSP if you are over 69, you had earned income in 2002 (or unused contribution room from prior years) and your spouse will be under 70 in 2004

• Contributions to federal or provincial labour-sponsored venture capital corporations

• RRSP repayments under a Home Buyers’ Plan or a Lifelong Learning Plan

Consider tax loss selling if you realized capital gains in 2003 or you reported taxable capital gains in the previous three years