2013 Year-End Tax Planning for Individuals

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Kevin Y. Tran, Director of Tax Advisory Services.

As the 2013 year is coming to an end, individuals should be mindful of year-end tax planning opportunities that will need to be implemented prior to December 31st. The following are some popular tax planning items that individuals should be aware of this year.

Tax Considerations for Individuals

Tax Loss Selling
Where an individual owns investments with accrued losses, he or she may consider selling these investments before the end of the year ...

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Tax-Free Savings Accounts (TFSA)

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Introduced in 2009, you can contribute $5,000 each calendar year. That means you could have contributed $10,000 by now and, as of January 2011, you can add another $5,000.

The TFSA is a flexible and versatile account offering tax-savings benefits for Canadians over age 18. All income, (interest, dividend, and capital gains) in your TFSA is tax-free for life and you can withdraw funds at any time, also tax-free.

If your goal is increasing your retirement savings, consider investing in growth-oriented securities ...

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Year End Securities Trading Considerations

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  • Final trade date for security transactions for Toronto trades is December 24, 2010.
  • Final trade date for securities transactions through New York is December 28, 2010.
  • Key: Settlement must take place not later than December 31st.
  • Consider delaying the purchase of annual pay/accrual fixed income securities (e.g. 1 year TBill or annual pay GIC) until 2011, thereby deferring the taxation of the income by a year.
  • Election to defer the income inclusion of stock option benefits must be filed with the individual’s employer by ...
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Year-End Tax-Loss Selling

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As we approach the end of the 2010 personal taxation year, it’s time to review your portfolio to identify positions currently trading at a loss. When they are sold, you are crystallizing the unrealized loss so that it can be used to offset taxable capital gains.

You can use previously realized capital losses, by offsetting capital gains with realized capital losses. Capital losses are generated by selling securities and/or mutual fund units for less than the cost at which they were ...

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