The following are some ideas for individuals and business owners to reduce income taxes as 2024 draws to a close.

Individuals should consider doing their RRSP contributions before the RRSP rush in the first 60 days of 2025. You can get better values by buying today than when all the last minute procrastinators rush to buy their RRSPs in the New Year and temporarily push up market values.

Another idea is to remember to top up any RESP contributions to take advantage of the 20% educational grant before year-end. While there is no technical deadline, it is best to spread your contributions out annually to a maximum of $2,500 in order to generate the maximum $7,200 in Federal education grants (plus any applicable provincial grants).