2017 Year End Tax Tips

October 2017

November 2, 2017

Jamie Golombek
Managing Director, Tax & Estate Planning, CIBC Financial Planning and Advice

Tax planning should be a year-round affair. But as year-end approaches, now is a particularly good time to review your personal finances and take advantage of any tax planning opportunities that may be available to you before the December 31 deadline. Incorporated business owners may particularly be interested in the discussion of steps to consider in light of the July 18, 2017 proposals for changes to taxation of private corporations. As we enter the final weeks of 2017, here are some tax tips you may wish to consider for:

  • Investors
  • Families with students
  • Family members with disabilities
  • Charitable donors
  • Individuals with changes to tax rates; and
  • Incorporated business owners.

Investors

Tax-loss selling

involves selling investments with accrued losses at year end to offset capital gains realized elsewhere in your portfolio. Any net capital losses that cannot be used currently may either be carried back three years or carried forward indefinitely to offset net capital gains in other years.

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