Login

Year-End Tax Planning Tips

Share on Facebook Tweet on Twitter

Posted by Philip Kuzyk, Canaccord Genuity

on Friday, 16 December 2016 16:38

incometax

As 2016 draws to a close, now is a good time to plan ahead to take advantage of tax savings, particularly as tax rates increased this year across the country. In addition to maximizing your RRSP and TFSA contributions and realizing any capital losses, make sure that any payments that may be eligible for tax deductions or credits are made ahead of the deadline.

Here are some key CRA dates for consideration:

Payments due by December 31, 2016:

• Investment counsel fees, interest and other investment expenses

• Medical expenses

• Child and spousal support payments

• Charitable donations

• Deductible legal fees

• Interest on student loans

• Contributions to your RRSP if you turned 71 on or before    December 31, 2016

You also have until December 31, 2016, to:

• Rebalance corporate class mutual funds tax-free

• Benefit from tax-loss selling

• Delay RRSP withdrawals under the Home Buyers Plan or Lifelong Learning Plan (until January 1, 2017)

• Make TFSA contributions as well as any necessary withdrawals

• Make RESP contributions to qualify for CESG

• Convert your RRSP to a RRIF if you turned 71 in 2016

• Benefit from the Children’s Fitness and Arts Credit

Payments due by January 30, 2017:

• Interest owed on spousal loans

Payments due by March 1, 2017:

• Contributions to your own RRSP or a spousal RRSP

• Contributions to federal or provincial labour-sponsored venture capital corporations

• RRSP repayments under a Home Buyers’ Plan or a Lifelong Learning Plan

 

Philip G. Kuzyk FCSI, CIM

Portfolio Manager, Canaccord Genuity Wealth Management

609 Granville Street, Suite 2200, Vancouver BC V7Y 1H2

T: 604.699.0869 | F: 604.643.1802 | TF: 888.589.9591

E: philip.kuzyk@canaccord.com |www.canaccordgenuity.com


Free Subscription Service - sign up today!

Exclusive content sent directly to your Inbox

  • What Mike's Reading

    His top research pick

  • Numbers You Should Know

    Weekly astonishing statistics

  • Quote of the Week

    Wisdom from the World

  • Top 5 Articles

    Most Popular postings

Learn more...



Our Premium Service:
The Inside Edge on Making Money

Latest Update

Notes From Michael - June 21st

Posted Wednesday, 21st June 2017  "The State is the great fiction through which everyone endeavours to live at the expense of everyone...

- posted by Michael Campbell

Michael Campbell Robert Zurrer
Tyler Bollhorn Eric Coffin Jack Crooks Patrick Ceresna
Ozzie Jurock Mark Leibovit Greg Weldon Ryan Irvine