{"id":273,"date":"2013-12-01T10:47:07","date_gmt":"2013-12-01T18:47:07","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=273"},"modified":"2018-08-23T10:47:36","modified_gmt":"2018-08-23T17:47:36","slug":"year-end-financial-and-tax-planning-ideas","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2013\/12\/01\/year-end-financial-and-tax-planning-ideas\/","title":{"rendered":"Year End Financial and Tax Planning Ideas"},"content":{"rendered":"
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As we turn the page into December, I wanted to share 5 financial and tax planning ideas to consider before the end of the calendar year:<\/h3>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Review your Investment Mix<\/strong>: The security markets have been generally happy since 2009, but some areas (geographical (US and Europe) and industrial (financial, technologies)) have outperformed others (Canada, materials, precious metals).\u00a0 It is not uncommon to see an investment portfolio of RRSPs, Tax Free Savings Accounts and other non-registered savings become tilted toward the over-performers, and that may subject your portfolio to greater risk than you intended.\u00a0 Have your advisor review your portfolio and assess whether any re-balancing of your investments might be in your best interest.<\/p>\n

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2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capital Loss Realization<\/strong>:\u00a0 We have had the securities market rising for the past few years, and that may have contributed to the realizing of capital gains on the sale of securities that are not otherwise deferred from tax (e.g. not in your RRSP or Tax Free Savings Account).\u00a0 If you have taxable capital gains for this year, either through a direct sale of securities or through the allocation of capital gains from your mutual fund investment, consider whether you have any unrealized capital losses in other securities.\u00a0 This may be a good time to sell off these securities that have been the \u201cdog\u201d of your portfolio, and use the capital loss created to offset part or all of your taxable capital gain.<\/p>\n

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3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Charitable Donations<\/strong>:\u00a0\u00a0 Charitable donations can save us the top marginal tax rate in British Columbia (currently 43.7%) where you and your spouse have donated greater than $200.\u00a0 If you plan to donate to a charity or cause, consider doing so now in December to realize the tax savings on your tax return come next April!<\/p>\n

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4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Budget for Christmas\/Travel<\/strong>:\u00a0 December is a common month to spend more than we intended on Christmas presents or vacation get-a-ways.\u00a0\u00a0BMO\u2019s Holiday Spending Outlook Survey<\/a>\u00a0suggests that Canadians will spend an average $674 for gifts, and $1,810 in total when gifts are combined with travel. \u00a0\u00a0Have a budget for these two common expenditures and a plan on how they are going to be paid for (cash savings now and\/or financing latter).\u00a0 By putting some initial plans in place, you can help ensure you don\u2019t overspend in December and then overextend your finances in January.<\/p>\n

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5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Give the Gift of Savings<\/strong>:\u00a0 Do you need a gift idea for your child, grandchild, niece or nephew?\u00a0 How about the gift of savings?\u00a0 Cash towards their Registered Education Savings Plan can earn them an immediate 20% Federal Grant plus some additional benefits (where applicable).\u00a0 The longer-term goal is to then have a savings pot to pay for their future education.\u00a0 Or how about cash for general investment or savings?\u00a0 While kids may prefer accessories, rocket ships or Cra-Z-Looms now, you will be teaching the important lesson of saving.\u00a0 Try finding a balance between gifts for now and savings for later.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"  As we turn the page into December, I wanted to share 5 financial and tax planning ideas to consider before the end of the calendar year: 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Review your Investment Mix: The security markets have been generally happy since 2009, but some areas (geographical (US and Europe) and industrial (financial, technologies)) have outperformed others (Canada,…

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