{"id":7015,"date":"2019-11-29T15:56:11","date_gmt":"2019-11-29T19:56:11","guid":{"rendered":"https:\/\/finvest.ca\/?p=7015"},"modified":"2019-11-29T15:57:17","modified_gmt":"2019-11-29T19:57:17","slug":"year-end-financial-and-fiscal-strategies","status":"publish","type":"post","link":"https:\/\/finvest.ca\/en\/year-end-financial-and-fiscal-strategies\/","title":{"rendered":"Year-end financial and fiscal strategies"},"content":{"rendered":"<p><strong>Year-end\nfinancial and fiscal strategies<\/strong><\/p>\n\n\n\n<p>The end of 2019 is around the\ncorner. This is an opportunity to implement some tax-efficient strategies.<\/p>\n\n\n\n<p>If either one of these strategies\ninterest you, please contact me.<\/p>\n\n\n\n<p><strong>1) Registered\nEducation Savings Plan (RESP)<\/strong><\/p>\n\n\n\n<p>If you plan to open a student\nsavings plan for your children or grandchildren, do it before December 31st,\n2019. Hence, you will benefit from all the federal and provincial subsidies\navailable for 2019.<\/p>\n\n\n\n<p><strong>2) The forgotten\nRRSP contribution<\/strong><\/p>\n\n\n\n<p>Just because you have to wind up\nyour RRSP in the year you&rsquo;re celebrating your 71st birthday does not mean you\nhave to stop taking RRSP deductions. In fact, here is a strategy that can be\nused after age 71, providing you have unused contribution room in an RRSP or are\nin the process of accumulating some.<\/p>\n\n\n\n<p>The deadline to convert your RRSP\ninto a RRIF is December 31st of the year you turn 71. After that, you cannot put\nany more money into your individual RRSP. Let\u2019s say you turn 71 on December 21st,\n2019 and are still working. In 2019, you will accumulate contribution room in\nyour RRSP that you can use in 2020. But you must convert your RRSP no later\nthan December 31st, 2019. It becomes impossible for you to benefit from the\naccumulated contribution room.<\/p>\n\n\n\n<p><strong>What to do?<\/strong><\/p>\n\n\n\n<p>Make an overcontribution in your\nRRSP for 2019 before converting it to a RRIF. You will have to pay a small\npenalty, but you will be able to benefit from the rights acquired in the year\nof your 71st birthday.<\/p>\n\n\n\n<p><strong>3) Realize\ncapital losses<\/strong><\/p>\n\n\n\n<p>If you have capital losses on\nyour nonregistered investments, it&rsquo;s worth selling them before the end of the\nyear.<\/p>\n\n\n\n<p>If you realized capital gains in\nthe past 3 years, these losses may apply and thus help reduce your taxes for\n2019.<\/p>\n\n\n\n<p><strong>Beware of\napparent losses!<\/strong><\/p>\n\n\n\n<p>If you sell securities with\ncapital losses, and you or your spouse buy the same securities within 30 days\n(before or after), your loss will be deemed to be nil and will increase the\nadjusted cost base of the same amount on the new title.<\/p>\n\n\n\n<p><strong>4) Contribute to\nyour spouse&rsquo;s RRSP<\/strong><\/p>\n\n\n\n<p>If you intend to contribute to\nyour spousal RRSP, we suggest you do so before December 31st, since it is\nmandatory to wait 3 calendar year ends after the last contribution paid to tax\nthe annuitant\u2019s plan (the spouse).<\/p>\n\n\n\n<p><strong>5)<\/strong> <strong>Withdrawing\nfrom a TFSA<\/strong><\/p>\n\n\n\n<p>If you need to withdraw from your\nTFSA in the short term, consider doing so before the end of the year. Since the\namount withdrawn is added to the contribution room for the following year, you\ncould contribute the amount withdrawn as of January 1st, 2020.<\/p>\n\n\n\n<p><strong>6) Plan your tax\ncredits<\/strong><\/p>\n\n\n\n<p>Since certain tax credits and tax\ndeductions are calculated on various expenses made during the fiscal year, make\nsure you make your payments by December 31st, 2019 and keep your receipts\n(medical expenses, investment expenses, moving expenses, tuition fees,\nchildcare expenses &#8230;). By making these payments in the same year instead of 2\nor 3 years, you can maximize your tax credits.<\/p>\n\n\n\n<p><strong>If you want to set up any of these strategies, do not hesitate to contact me.<\/strong><\/p>\n\n\n\n<p> <br><strong>Mauro DiCesare, B.Comm, Pl.Fin<\/strong>Planificateur Financier\/Financial Planner\u00a0<br>Financial Security Advisor\/Conseiller en S\u00e9curit\u00e9 Financi\u00e8re avec Groupe Financier Finvest Inc.<br>Mutual Fund Representative\/Repr\u00e9sentant en \u00e9pargne collective avec Investia Services Financiers\u00a0Inc.<br>514-376-7771  <\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Year-end financial and fiscal strategies The end of 2019 is around the corner. This is an opportunity to implement some tax-efficient strategies. If either one of these strategies interest you, please contact me. 1) Registered Education Savings Plan (RESP) If you plan to open a student savings plan for your children or grandchildren, do it [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-7015","post","type-post","status-publish","format-standard","hentry","category-non-classe-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Year-end financial and fiscal strategies - Finvest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finvest.ca\/en\/year-end-financial-and-fiscal-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Year-end financial and fiscal strategies - Finvest\" \/>\n<meta property=\"og:description\" content=\"Year-end financial and fiscal strategies The end of 2019 is around the corner. 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