Most items eligible for a tax deduction or tax credit must be paid by the end of the year. One notable exception is RRSP contributions.

But payments that are tax deductible that must be paid by December 31 to qualify include alimony and maintenance, child care expenses, interest, investment counsel and other investment expenses, safety deposit box rental fees and moving expenses.

Payments that qualify for tax credits that must be paid by December 31 to qualify include charitable donations, medical expenses, political contributions and tuition fees.

Be sure to pay these tax-advantaged amounts by December 31.

Please contact your accountant at Harvey, Lister & Webb Incorporated to discuss the possibilities.

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