Submitted by MWFS on Sun, 12/04/2022 - 18:41
- 2022 has been a difficult year – including in the financial markets! Consider engaging in tax loss selling of some non-registered assets to offset capital gains you have accumulated over the years on other non-registered assets.
- You may wish to convert your RRSP to a RRIF at age 65 and withdraw $2,000.00 to take advantage of the pension income tax credit (if you are not already doing so).
- Consider donating stock (which has accumulated significant capital gains) “in kind” to your favourite charity.
- Make sure to maximise your 2022 RESP contributions subject to the limits keeping in mind that you may be eligible to contribute to the current tax year as well as a previous year for which contributions have not been made or maximised.
- Delay upcoming year end GIC purchases until January 2023 to defer taxation by a year.
- Defer buying glasses, hearing aids, orthotics, medical supplies and prescriptions, as well as getting dental work done, until next year if you expect your medical receipts to make up less than 3% of your 2022 income.
- Take advantage of the Work From Home Tax Credit.
- If you support a spouse or a dependent with a mental or physical impairment, you may be eligible to claim the Canada Caregiver Credit.
- Take advantage of the Digital News Subscription Tax Credit.
- When possible, take advantage of the Canada Training Credit.
Consult our Macnaughton & Ward tax professional for further details.