# Year end tax planning?



## iherald (Apr 18, 2009)

I keep getting reminded that Christmas is only 40 days away, which means the year end is coming up too.

What tax prep / planning are people doing?

I know I can do RRSP transfer until March 30. But charities donations have to be done by the end of the year?

I have a rental property, so anything that I can declare as a current expense I'm making sure I do before the end of the year.


----------



## FrugalTrader (Oct 13, 2008)

Yep charity donations need to be completed by the end of the year. If you have a non-reg portfolio and have some cap gains, consider selling off some losers to offset the tax payable on the gains.


----------



## NorthernRaven (Aug 4, 2010)

The RRSP deadline for contributions for the 2010 tax year is *March 1, 2011*, (not March 30).

Also, you'd have to check the details, but if you are planning on moving your TFSA, I believe you can withdraw at the end of 2010 and redeposit at the start of 2011 (you can't reuse room created by withdrawals that same year).

If you are a wealthy, elderly, American, you can considerately choose to die before the end of the year and save your heirs from paying the estate tax...


----------



## Eclectic12 (Oct 20, 2010)

FrugalTrader said:


> Yep charity donations need to be completed by the end of the year. If you have a non-reg portfolio and have some cap gains, consider selling off some losers to offset the tax payable on the gains.


If selling some loser stocks to reduce a capital gain, make sure it's done by Dec 24th at the latest. This is so the settlement date is in the current year.

Here a link with other considerations for those who haven't done this before:
http://blog.taxresource.ca/getting-ready-for-tax-loss-selling/


----------



## Eclectic12 (Oct 20, 2010)

iherald said:


> I keep getting reminded that Christmas is only 40 days away, which means the year end is coming up too.
> 
> What tax prep / planning are people doing? ...


For my non-registered accounts, I'm checking:
a) what capital gains I have to declare
b) what previous year losses, if any are available to me
c) any out of date Adjusted Cost Base for investments so that in early Dec, 
I have a good idea of what investments are candidates for selling at a 
tax loss.

I'm also reviewing what charitable donations I've made and what I plan to make before mid-December.

I'm planning how much to withdraw from my TFSA to pay down my mortgage (as well as the tax loss amounts). I'm also planning what to put into the TFSA in January (cash? transfers of trust units?).

Here is a couple of links from last year to give you ideas. All of them are not relevant anymore (ex. Home Reno tax credit) but it gives some ideas as you keep your eye out for the 2010 version of the article.

http://www.cbc.ca/money/story/2009/12/14/f-tax-yearend.html
http://www.wetax.ca/year-end-tax-planning


----------



## iherald (Apr 18, 2009)

NorthernRaven said:


> If you are a wealthy, elderly, American, you can considerately choose to die before the end of the year and save your heirs from paying the estate tax...


Ahh yes, the George Steinbrenner approach!


----------

