{"id":563,"date":"2015-12-07T13:47:57","date_gmt":"2015-12-07T13:47:57","guid":{"rendered":"http:\/\/www.larosacga.ca\/?p=563"},"modified":"2015-12-07T13:47:57","modified_gmt":"2015-12-07T13:47:57","slug":"december-newsletter","status":"publish","type":"post","link":"https:\/\/www.larosacpa.ca\/?p=563","title":{"rendered":"December Newsletter"},"content":{"rendered":"

Monthly Newsletter \u2013 December 2015 Issue<\/strong><\/p>\n

As we approach the end of another calendar year, I have listed a few things toconsider doing before the end of the year, for your 2015 personal tax return.<\/p>\n

Tax installments<\/strong>
\nAvoid unnecessary penalty and interest. If you were required to pay installments for\u00a02015, ensure that this has been done. The final installment is due on Dec.15th.<\/p>\n

Donations<\/strong>
\nThe holiday season is a popular time to make donations and those made prior to\u00a0Dec.31st. will qualify for a tax deduction in 2015.<\/p>\n

Investments<\/strong>
\nIf you have realized capital gains in 2015 and unrealized capital losses that you are\u00a0thinking of selling, consider selling them by Dec.23rd, to help reduce the capital\u00a0gains tax. Talk to your investment advisor to see if this is a good idea for you.<\/p>\n

Capital cost allowance<\/strong>
\nIf you are planning to buy a vehicle, computer or other capital item on which you\u00a0plan to claim capital cost allowance, you should consider doing it now. You can\u00a0claim half of the % rate allowed in the first year and deduct it in 2015.<\/p>\n

Rental property<\/strong>
\nAre you thinking of selling a rental property with capital gains? You may want to\u00a0close in 2016 to defer any taxes payable to next year. A vendor take back mortgage\u00a0can also help defer taxes. If you are planning any repairs, try to get them done now\u00a0so you can deduct the expense in 2015.<\/p>\n

RESP and RDSP<\/strong>
\nReminder to consider contributing to Registered Education Savings Plan or\u00a0Registered Disability Savings Plan, if applicable, before end of year to qualify for\u00a0the 2015 gov\u2019t grants.<\/p>\n

Car expense deduction<\/strong>
\nEnsure you have a summary of your car operating expenses and a log of your\u00a0business KM vs. total KM driven in 2015. Without a log you risk denial of your car\u00a0expenses by CRA. Keep actual receipts as backup for your car expenses and do not\u00a0rely on just your visa statements. Start your 2016 mileage log in January.<\/p>\n

Other notes
\n<\/strong>Talk to your accountant early this month about your tax planning opportunities.\u00a0I hope you find this general information helpful. Please consult with your\u00a0accountant or myself if you have any questions.<\/p>\n

I wish everyone a joyous holiday season and a healthy and prosperous 2016.<\/strong><\/span><\/p>\n

This material is provided for general information and is subject to change without notice. Please consult\u00a0with your professional advisor before you act on any of the above information to ensure it\u2019s right for you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Monthly Newsletter \u2013 December 2015 Issue As we approach the end of another calendar year, I have listed a few things toconsider doing before the end of the year, for your 2015 personal tax return. Tax installments Avoid unnecessary penalty and interest. If you were required to pay installments for\u00a02015, ensure that this has been […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-563","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=563"}],"version-history":[{"count":1,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/563\/revisions"}],"predecessor-version":[{"id":564,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/563\/revisions\/564"}],"wp:attachment":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}