For 2018 : A Dozen Valuable Year End Tax Tips  

  
   1. Review your investment portfolio with your trusted MWFS tax advisor and rebalance as recommended

 

   2. Contribute to an RRSP - you may wish to make a one-time $2,000.00 over-contribution if you haven't already, or consider a RRSP catch up loan

 

   3. Contribute fully to your TFSA or make any TFSA withdrawals you wish to make before year end (To avoid penalties, do not over contribute!)

 

4. Consider converting your RRSP to a RRIF (which is mandatory in the year in which you turn age 71) or consider a RRIF meltdown strategy to reduce future tax liability by carefully withdrawing within tax brackets

 

5. Contribute to an existing RESP or set up a new RESP to maximise available government grants and shelter investment growth

 

6. Tax loss selling - take capital losses to offset capital gains and where possible, defer capital gains to a later date

 

7. Monitor and possibly increase your medical expenses (by buying glasses, hearing aids, medical supplies, prescriptions and getting dental work done before year-end) to ensure you have exceeded your deductible threshold

 

8. Income split - contemplate a spousal loan with a formal promissory note

 

9. Delay year end GIC purchases to January to defer taxes for a year

 

10. Organize your tax receipts to be confidently prepared for the 2018 tax year

 

11. Maximise your deductions and tax credits by utilizing such things as pension income splitting and Canada care giver amounts

 

12. Give to charity - consider donating stock to receive maximum benefit 

 

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