Tax planning to minimize income tax liability is important when approaching the end of year. However, many individuals often forget or overlook other key tax planning benefits and strategies that should be made early in every new year.

For instance, consider making the full contribution to your TSFA at the beginning of each year in order to maximize the tax free growth. The contribution limit for 2020 is $6,000. If you haven’t opened a TFSA and have been eligible since 2009, your contribution limit today would be $69,500.

Other tax planning tips include:

• 2019 RRSP contribution deadline
• 2020 RRSP contribution room
• Early tax planning and important dates for business owners

For more information on the TFSA and other early 2020 tax planning ideas, download the RBC Navigator article below.