If you haven’t taken full advantage of your 2015 tax- and investment planning strategies, you could be leaving money on the table for the Canada Revenue Agency (CRA). Here are a few year-end tax tips for your consideration.
- Crystallize capital gains or losses for tax advantages. Remember that trades must settle before December 31 in order for you to claim them in 2015.
- Repay any money withdrawn from your Registered Retirement Savings Plan (RRSP) under the RSP Home Buyers’ Plan. Repayments must be made no later than March 1, 2016, to avoid taxation.
- Make any charitable donations you want to claim in 2015.
- If you have business-related purchases to make, consider doing so before year-end. These may include professional dues and membership fees.
- Capitalize on the new $10,000 TFSA contribution limit. To ensure you’ve taken all the necessary steps to reduce your tax bill for 2015, call us for a year-end review prior to meeting with your tax advisor.
Larry Kleinmintz, R.H.U., T.O.T., M.D.R.T.
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