Now is the time to take advantage of final 2019 year-end tax saving opportunities. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2019 tax liability, particularly if you act before the end of this calendar year.
Rapidly changing tax laws mean periodic business and personal tax planning and financial advice is absolutely essential for all businesses and individuals, including corporate executives and professionals.
Don’t leave your tax planning to chance! We will show you how a personal customized tax strategy will save you money.
TAX TIP Given this year’s wild gyrations in the stock market, you should consider triggering capital losses before end of year to offset against capital gains realized in 2019 or in the last three years. Special rules prohibit you or an affiliated person from buying identical assets within 30 days after a sale. Contact us now for professional advice regarding the taxation of your investments.
The following payments are due by December 31, 2019 to claim on your 2019 Income Tax Return:
- Charitable donations
- Political contributions
- Association dues and professional fees
- Medical expenses
- Alimony and maintenance support payments
- Investment counsel fees, interest and other investment expenses
- Child care expenses
- Adoption expenses
- Moving expenses
- Tuition fees for yourself
- Deductible legal fees
- Interest on student loans
- Tax shelter investments
- Contributions to your RRSP if you turned 71 during 2019. By this date, any RRSP will have to be wound up by you
- TFSA withdrawal if you are contemplating one, to achieve quicker add-back
- This is a partial list. Contact us now for specific advice on your situation
TAX TIP Even if your children have no tax to pay, you should still consider filing tax returns on their behalf. If they have any earned income, this will generate RRSP contribution room which they can carry forward indefinitely to a future year. Contact us now for professional advice regarding your children.
Payments due by March 2, 2020 include:
- Deductible RRSP contributions to your own or a spousal RRSP
- Contributions to a spousal RRSP if you are over 71, had earned income in 2018 (or unused contribution room from prior years) and your spouse will be under 72 in 2020
- RRSP repayments under a Home Buyer Plan or a Lifelong Learning Plan
- Contributions to federal or provincial labour-sponsored venture capital corporations and other provincial plans
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HALPERN Chartered Professional Accounting Firm is a full-service Tax, Accounting, Business Advisory and Financial Planning CPA firm. Accurate and timely information is only one piece of any effective solution. We are dedicated to bringing you all of the pieces together – knowledgeable and innovative advice, leading-edge technology, and a strong relationship with our clients. This type of creative thinking enables us to help you and your business organization to solve complex problems and significantly enhance your ability to improve performance, manage risk and build value.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.