I was reading an article the other day on ten things you need to do before Dec. 31st Here is the short list:
- Take TFSA Withdrawals - If you withdraw funds from a TFSA, an equivalent amount of TFSA contribution room will be reinstated in the following calendar year, assuming the withdrawal was not made to correct an over contribution.
- Contribute to an RESP - December 31st is the deadline for 2017. Would you like more information?
- Charitable donations - contribute now for the 2017 tax year. The first time Super Credit ends Dec. 31, 2017.
- Postpone any ETF or Mutual Fund purchases until January if the investments are in Taxable Accounts.
- Review your income and expenses - defer income to next year and pay expenses this year to reduce your taxable income.
- Review all potential tax breaks.
- Collect all of your medical expenses. If you have a PHSP or HSA submit your expenses now.
Convert Your RRSP to a RRIF by Age 71 - If you turned age 71 in 2017, you have until December 31 to make any final contributions to your RRSP before converting it into a RRIF or registered annuity.
Income Splitting - If your private corporation has other shareholders, such as your spouse, partner, or other adult relatives as shareholders, consider whether it makes sense to pay additional dividends to family members who are in lower tax brackets in 2017 to maximize any income sprinkling opportunities before any proposed federal rules could increase the tax rate on such income commencing in 2018.
Book an appointment with your Financial Advisor - You can book a call with me if you are not currently working with one.