End of decade tax reminders

Dec 17, 2019 | Jeremy Goldfarb


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Ok, so it was click-bait. It's actually no different than any other year end tax reminders really. Sometime, lost in the shuffle of the holiday season and family vacations is the actual end of the calendar year, and the requirements that come it. Don't forget to make a quick check of any year end tax shuffling that you need/want to take care of. Here is a short list you may want to think about:

 

  1. tax loss harvesting year end non-registered portfolios
  2. TFSA contributions (remember you can carry forward room, but it's a nice reminder)
  3. RESP contributions (Education savings can also be carried forward, but it's a good time to do some catching up)
  4. RRSP contributions (you actually have until March 2 2020 to get these in for tax year 2019
  5. Charitable donations for 2019 (December 31 is the last day for 2019 donations to registered charities)
  6. year end income decisions -- if you have flexibility to adjust the year you take income, assess where you are at now, relative to where you expect to be next year to maximize tax efficiency

 

A short list, but among some of the more high level issues you may want to consider before year end.

 

PRO TIP: Set investment contributions such as RRSP, TFSA, or RRSP to occur on a monthly basis automatically. This will avoid the inevitable year-end panic, forgetfulness, or the rush of the RRSP season (I really hate that term). Force your savings and learn to live without that monthly amount.