Canada Pension Plan (CPP) receipts may be split between spouses aged 65 or over. Also, it may be advantageous to apply to receive CPP early (age 60 - 65) or late (age 65 - 70).

A senior whose 2016 net income exceeds $73,756 will lose all, or part, of their
Old Age Security. Senior citizens will also begin to lose their age credit if their
net income exceeds $35,927.

The age limit for maturing Registered Pension Plans, RRSP, and Deferred
Profit Sharing Plans is 71 years of age.

Home accessibility tax credit - A new federal non-refundable tax credit of 15% on up to $10,000 of eligible expenditures (renovations to a qualified dwelling to enhance mobility or reduce the risk of harm) per calendar year, provided a person 65 years or older, or person eligible for the Disability tax credit reside in the home may be available

Registered Education Savings Plan (RESP) - A Canada Education Savings Grant for RESP contributions will be permitted equal to 20% of annual contributions for children (maximum $500 per child per year). In addition, you may be eligible to receive a Canada Learning Bond which provides $525 in the first year, and an additional $100 each year until the child turns 15.

A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit. Non-deductible contributions to a lifetime maximum of $200,000 are permitted. Grants, Bonds and investment income earned in the plan are included in the beneficiary's income when paid out of the RDSP.

Consider purchasing assets eligible for capital cost allowance before the year end. half-year of depreciation deduction is allowed for most assets even if it was purchased just before the year-end.

If you own a business or rental property, consider paying a reasonable salary
to family members for services rendered. Examples include website maintenance, administrative support, and janitorial services.

A refund of Employment Insurance paid for certain non-arm's length employees may be available upon application to CRA.

A refund of Employment Insurance paid for certain non-arm's length employees may be available upon application to CRA.

An investment tax credit is available in respect of each eligible apprentice. Also, a $1,000 Incentive Grant per year is available for the first and second year as apprentices. A $2,000 Apprenticeship Completion Grant may also be available.

Certain expenditures made by individuals by December 31, 2016 will be eligible for 2016 tax deductions or credits including: moving expenses, child care expenses,
charitable donations, political contributions, medical expenses, alimony, eligible employment expenses, union, professional, or like dues, carrying charges and interest expenses, certain public transit amounts, and children's fitness and arts amounts. Ensure you keep all receipts hat may relate to these expenses.

You have until Monday, March 1, 2017 to make tax deductible Registered Retirement Savings Plan (RRSP) contributions for the 2016 year. Consider the higher income earning individual contributing to their spouse's RRSP via a "spousal RRSP" for greater tax savings

For individuals who have not yet claimed charitable donations, consider making a donation of up to $1,000 in order to get a "super charged" donation credit. For these individuals with total donations of less than $1,000 in the current year, consider not claiming the donation amount until you have donated a total of $1,000.