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Tax Planning 101


Undoubtedly you have been reading about tax ideas to reduce your tax burden. Some of these ideas are time sensitive such that you need to act before December 31. Just a few ideas and this is not a comprehensive list. The first item is “tax loss selling” such that the settlement of the investment transaction occurs before December 31. With holidays around Christmas this date should be noted. You need to talk to your investment advisor regarding the advisability of making these investment decisions. Once you have disposed of an investment you cannot buy it back for 30 days or the strategy of claiming a loss is defeated. The “stop loss” rules can become quite complicated in a series of transactions and contacting us would be a good idea. The second item is charitable donations. Make these before December 31 and you should get a receipt that indicates that it was a donation in the given year even though the receipt may be dated in the current year. Finally, contributions to a Registered Education Savings Plan need to be made before year end to qualify for the rebates for this year. All in all, tax planning should be a year-round exercise but don’t miss the deadlines or you will have to wait another year to realize the tax savings. Call us if you have any questions.

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