As we approach the end of another year, it’s that crucial time again for our year-end tax planning checklist. In this blog post and video series, I’ll highlight some of the essential steps to take before the year draws to a close. We’ll cover everything from capital gains and losses to maximizing contributions in your TFSA, RRSP, and RESPs. It’s not just about saving on taxes; it’s about setting yourself up for a successful and financially efficient new year. Ensure you talk to your advisors and make sure you’re on the right track for a strong start to the coming year.
NOTE: I’m always tweaking this list – so check back for updates throughout December, and the rest of the year!
| By this date | Tax savings item |
| December 20th | Trigger capital losses (see Maximize tax savings with loss harvesting) |
| Trigger capital gains (more details) | |
| December 31st (suggest by December 20th to ensure your advisors have time to help if needed) | RESPs: Make contributions or withdrawals |
| RRSPs and RRIFs: Contributing, withdrawing, over-contributing | |
| TFSAs: Contribute or withdraw | |
| Bonus and dividends: Pay a year-end bonus or dividend | |
| FHSA: Contribute to First Home Savings Account (more details) | |
| Pay expenses eligible for tax deductions (more details) | |
| Make donations (more details) | |
| Create eligible pension income (more details) | |
| Expense depreciable assets (more details) | |
| Family trusts: Document trust allocations for the year (more details) | |
| Before January 30th | Interest on loans – ensure this is paid (more details) |
Resources
For additional resources related to my year-end tax planning checklist, see:
More questions?
Still have questions about the year-end tax planning checklist? I want to help you Do wonderful things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
