Yes! Yes! I know what you are going to say "DON'T WANNA HEAR ABOUT TAX UNTIL NEXT YEAR".

Wrong answer as now is the perfect time to talk tax strategies with your Bookkeeper, Advisor or whomever you have chosen to walk you through this delicate maze.

Now is the time to plan STRATEGIES...(yes that big word) to minimize your tax output and maximize your returns.

How do I go about minimizing my tax output? Great question!!!! You minimize your tax output by having an adjustable PLAN. This plan begins with taking a look at what you have done in the past and the results which seemed like you were spinning wheels as no matter what you had done you keep getting the same old results. This adjustable plan should also look at your present situation and your future goals.

So that is why you need an adjustable plan one that works for you instead of against you.

For me a perfect plan is one where I do not get a refund but I do not have to pay taxes as well. That is a perfect plan as you have maximized your savings while minimizing your tax burden.

You have received interest on your money throughout the year and you did not lend your money interest free to CCRA. There! There! Doesn't that feel much better now?

OWING REVENUE CANADA

So, you have filed your Tax return but you are owing TAX. Did you know that as of April 30 2010 you actually owe penalties of 5% of any amount owing to CCRA and it gets even worse as you must also pay 1% interest per month for each month that you owe taxes to a maximum of 20 months.

HAVE NOT FILED

On the other hand if you have not filed your tax return as yet then the wrath of CCRA will be upon you immediately as of April 30 2010. It gets even worse if you are a chronic late filer as CCRA can levy stiffer fines of up to 10% on the amount due and apply a 2% interest per month for each month the taxes remain unpaid for a maximum of 20 months.