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December is Here, think End of Year

in CRA, Income Tax, Registered Disability Savings Plan, Registered Education Savings Plan, RRSP

I really should have been a sportscaster, I love that kind of cheap rhyming stuff, but the end of year is important financially!

With the year coming to an end, you need to think about a few tax related issues like:

  1. Quarterly tax payment if you are in that tax situation (I know a surprising number of folk who make tax payments quarterly).

    The Circle of Savings in Canada

  2. Make an RESP contributions if you can, nicer than a sweater for your kids and it will pay off nicely in the future. Check the CRA link on how much CESG you might get from the contribution as well (oh and if you have put $50K in there, you have maxed out).
  3. Make an RDSP payment to max out your contributions if you have a disabled loved one as well (remember you can also transfer from an RESP to an RDSP, so figure out which one you should put your money into).
  4. Make an RRSP payment, the sooner it’s in there, the sooner it starts to grow, and you escape all the broohaha and tom-foolery of RRSP season.
  5. How about your TFSA? Have you maxed out your inputs there? Sooner it’s in there, the sooner it starts growing tax-free, do that now.

You really have no excuse to say, “I have nothing to do financially in January”, now do you? Any other end of year financial fun I am missing?


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