The calendar year-end will soon be upon us, and with it a number of key tax planning deadlines. Below are a few items that you may want to address before December 31, while we have also included a list of tasks which our team at Criterion Capital Group have already undertaken for our clients.
You to consider:
- are you planning on any charitable gifts this year? If so, this needs to be completed by December 31, but we highly recommend completing this by December 1st to ensure time for processing, in particular if gifting securities
- if you are considering making political contributions, they are also due by December 31
- if you have not yet made RESP contributions for the year, again there is a December 31 deadline (although one can go back and recapture previous year's government grants)
- if you have never purchased a home, or are looking to help adult children buy their first home, consider opening a First Home Savings Account (FHSA) before December 31 to begin accumulating available contribution room
What we at Criterion Capital Group have been reviewing on your behalf:
- crystallizing capital losses in non-registered accounts, if appropriate
- converted RRSP's to RRIF's, if you are turning 71 this calendar year
What may need to be discussed further:
- are TFSA contributions maxed out?
- do RRSP contributions need to be reviewed? (although the deadline for contributions to qualify for 2023 taxes is not until February 29, 2024)
If you have any questions, or would like further clarification on any of these items, please don't hesitate to contact us at 250-372-5675 or reach out to Sarah Mulford at sarah.mulford@rbc.com.