|2013 Year-End Tax Planning |
For most of us, December is just about the busiest month of the year, but taking action now could save you money. The following are some key year-end tax-planning ideas.
Prior to December 24, 2013
Now is a good time to review your investment portolfio. Put tax-loss selling strategies to work. Click here to learn more.
Prior to December 31, 2013
1. Contribute to your child's RESP -- remember with your contribution of $2500 the government will contribute $500 into your plan.
Click here to learn more about RESPs.
2. Make charitable donations -- if your donations exceed $200 you'll receive a federal tax credit of 29% instead of 15% for donations under $200.
3. Top up your TFSA to $5500. If you need to withdraw funds from your TFSA, do it before December 31 as this will increase your contribution room for 2014.
As always, contact us if you have any questions!
TFSA Contribution Limit Increased to $5,500
On November 26, 2012, the federal government confirmed that the TFSA contribution limit will increase to $5,500 effective January 2013. With the introduction of the TFSA in 2009, it was announced that the $5,000 annual limit would increase with inflation, subject to rounding to the nearest $500. And with that Inflation has now increased beyond the required threshold, resulting in an increase to the contribution limit.
With the change, TFSA contribution room for 2013 will be calculated as follows:
$5,500 + unused room from previous years + 2012 TFSA withdrawals
(excluding certain transfers and special withdrawals)
Click here to view details on the increase to the contribution limit.
Additional details on the features of the TFSA can be obtained from our website by clicking here.
|Taxes & Investment Funds |
For the right investor, certain types of funds can really help make your portfolio more tax-efficient. Read about two of these types of funds below.
Corporate Class Funds »
T-Series Funds »
The Value of Advice
Canadians with financial advisors are more confident about their future. Advised Canadians are shown to have substantially higher amounts of investable assets than non-advised Canadians, in both registered and non-registered forms and across all levels of income and age groups.
To learn more, take a look at:
The Investment Funds Institute of Canada's The Value of Advice Report.
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