# Any End of Year Tax Tips?



## iherald (Apr 18, 2009)

I was just realizing that Christmas is a month away and the end of the tax year is not much further off. Anyone have any tips or strategies that they like to do before the end of the year?


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## 1980z28 (Mar 4, 2010)

MAX your RRSP contribution


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## brad (May 22, 2009)

And max your charitable contributions if you like contributing to charity. I get big refunds each year due to contributing to RRSP and charity, and I usually apply the refunds to increasing my charitable contributions the following year, so each year I contribute more and get a bigger refund.


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## Eclectic12 (Oct 20, 2010)

Where one plans on selling a losing stock to reduce a capital gain for that year, remember that Dec 24th is the last day to sell the losing stock.

Where one plans on making a withdrawal where the timing isn't critical from their TFSA - making the withdrawal late in the year reduces the time needed before the withdrawal can be put back. For example, withdrawing in Jan means close to a twelve month wait where withdrawing in Dec is less than a month.


Here are some other ideas:
http://www.theglobeandmail.com/glob...-to-consider-before-year-end/article21561745/


Cheers


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## OurBigFatWallet (Jan 20, 2014)

Basic tax tips for year-end:

http://www.ourbigfatwallet.com/basic-tax-tips-for-year-end/


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## warp (Sep 4, 2010)

1980z28 said:


> MAX your RRSP contribution



Although not a bad idea..its not always best.
It depends on your taxable income.

Anyone earning less than about $40,000, will probably be better off to pay taxes now and put the max allowable, currently $5500 into a TFSA.


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## amitdi (May 31, 2012)

This does not apply to everyone and its just a timing thing.

If you have plans to withdraw from TFSA, do it before Dec 31 rather than next year. You can reclaim the withdrawal room back in new year.


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## none (Jan 15, 2013)

If you are jumping up a few tax brackets next year consider withdrawing from you RRSP this year and just putting the money back in next year.

You lose the RRSP room but few people are able to save 18% anyway (esp considering TFSA) so it may be a worthwhile idea.

It's what I'm doing at least.


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## My Own Advisor (Sep 24, 2012)

Max RRSP
Max TFSA
Tax loss selling, and most importantly,
Give to those who are less fortunate.


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## Barwelle (Feb 23, 2011)

none said:


> If you are jumping up a few tax brackets next year consider withdrawing from you RRSP this year and just putting the money back in next year.
> 
> You lose the RRSP room but few people are able to save 18% anyway (esp considering TFSA) so it may be a worthwhile idea.


You probably know this already, but in case you don't, or for anyone else reading this... if you made RRSP contributions for 2014, you can delay claiming the tax deduction until 2015, or for as long as you want. Rather than going through the process of withdrawing and then re-contributing.

You still have to report the contribution, but you don't claim the tax deduction.


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## DmDave (Dec 1, 2014)

I used this list from PwC to plan for year end. My tax is very simple so a lot don't apply to me.

http://www.pwc.com/ca/en/tax/year-end-tax-planner.jhtml


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## none (Jan 15, 2013)

Barwelle said:


> You probably know this already, but in case you don't, or for anyone else reading this... if you made RRSP contributions for 2014, you can delay claiming the tax deduction until 2015, or for as long as you want. Rather than going through the process of withdrawing and then re-contributing.
> 
> You still have to report the contribution, but you don't claim the tax deduction.


I do know that. I had a very low income this year <12K and will make about 70K next year. hence the RRSP tax hit.


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