10.5 Valuable 2019 Year End Tax Tips

  
   
  1. Consider converting your RRSP to a RRIF at age 65 or older, and be sure to withdraw $2,000.00 to take advantage of the pension income tax credit. 

   2. Delay December GIC maturities/purchases until January.   

   3. Where applicable, take advantage of the Canada Caregiver credit.

   4. Review your portfolio with your trusted advisor – rebalance to take advantage of preferential tax treatment where possible.

   5. Make a point to buy glasses, hearing aids, orthotics, medical supplies and prescriptions, as well as get dental work done before year-end.

   6. For those charitably inclined, consider donating stock (which has accumulated capital gains) “in kind” to your favourite charity.

   7. Contribute to your RSP or if advantageous, to your spouse’s RSP for tax sheltered growth.

   8. Take tax losses where possible and defer your capital gains.

   9. Contribute fully to your TFSA or withdraw from your TFSA before year end. Be sure to avoid triggering over contribution penalties!

  10. Organize your receipts to take advantage of all tax deductions and tax credits for a maximum refund and a less stressful tax season.

  10.5. Capital gains factor prominently in any investment strategy. We have no way of predicting what the government will do in the future.That said, an article in the Investment Executive provides insightful   commentary regarding several considerations involved. Refer to the article by clicking here. 

 

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