With year-end approaching, there is a number of employee related tax planning issues to consider, says Vern Krishna, Tax Counsel with Borden Ladner Gervais LLP’s Ottawa office with expertise in tax litigation, international tax, wealth management and personal tax planning.

'Give our proclivity to procrastinate, we tend to leave planning to the year-end,' says Krishna. But tidying up planning as soon as possible can minimize tax bills for the following year. From capital assets to automobile benefits, gifts and awards and stock options, planning is a must.

For example, says Krishna, employees should try and shift as much income as possible into 2009. This, he says, 'will defer the tax payable on the income until April 30, 2010. Ask your employer not to pay your year-end bonus until January 2009.'