As 2020 ends, it’s important to review your personal finances; especially those that affect your personal income tax returns. To help you take advantage of tax planning opportunities that are available to you before the December 31st deadline, Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Private Wealth Management suggests some tax tips in his video:
· Individuals affected by COVID-19
- Canada Emergency Response Benefit (CERB) – taxes may be owing
- Canada Recovery Benefit (CRB) – estimate additional taxes you may owe
- Canada Recovery Sickness Benefit (CRSB) – estimate additional taxes you may owe
- Canada Recovery Caregiving Benefit (CRCB) – estimate additional taxes you may owe
- Tax-loss selling
- Superficial loss rule
- Transfers and swaps
- Make RRSP contributions
- Take TFSA withdrawals
- Pay investment expenses
- Convert your RRSP to a RRIF by age 71
- Take advantage of lower RRIF minimum amounts
- Use a prescribed rate loan to split investment income
· Families with Students
- Make RESP contributions
- Take RESP withdrawals for students
- Pay interest on student loans
· Family members with disabilities
- One-time COVID-19 payment to persons with disabilities
- Make renovations for home accessibility
- Contribute to a Registered Disability Savings Plan (RDSP)
- Pay family medical expense
· Charitable Giving
- Make charitable donations
- Gifts “in-kind”
· Individual with changes to tax rates
- Shift income and expenses between 2020 and 2021, where feasible.
· Business owners and employers - COVID-19 wage subsidy measures for employers - Corporate loss planning
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Or call Jeff at 604.940.8617 to learn more.
This information has been prepared by Jeff Greenfeld who is an Investment Advisor for HollisWealth® and does not necessarily reflect the opinion of HollisWealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces in which they are registered. HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.