The best time to reduce next year\’s tax bill is before December 31 — not in April. Here\’s a checklist to run through before year-end.
- Maximize RRSP contributions if you\’re in a high tax bracket this year
- Harvest capital losses to offset gains realized earlier in the year
- Make charitable donations before December 31 to claim them this tax year
- Review your installment payments if you\’re self-employed
- Confirm any income splitting opportunities with a spouse or family member
A short year-end planning call can often save more than the cost of the consultation itself — book one before the calendar year closes out.