Monthly Newsletter \u2013 December 2016 Issue<\/p>\n
As we approach the end of another calendar year, I have listed a few things to consider doing before the end of the year, for your 2016 personal tax return.<\/p>\n
Tax installments<\/strong> Donations<\/strong> Investments<\/strong> Children\u2019s Fitness Credit<\/strong> Capital cost allowance<\/strong> Rental property<\/strong> RESP and RDSP<\/strong> Car expense deduction<\/strong> Other notes<\/strong> I hope you find this general information helpful. Please consult with your accountant or myself if you have any questions.<\/p>\n I wish everyone a joyous holiday season and a healthy and prosperous 2017.<\/span><\/strong><\/p>\n This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it\u2019s right for you.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Monthly Newsletter \u2013 December 2016 Issue As we approach the end of another calendar year, I have listed a few things to consider doing before the end of the year, for your 2016 personal tax return. Tax installments Avoid unnecessary penalty and interest. If you were required to pay installments for 2016, ensure that this […]<\/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-592","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/592","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=592"}],"version-history":[{"count":1,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/592\/revisions"}],"predecessor-version":[{"id":593,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/592\/revisions\/593"}],"wp:attachment":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAvoid unnecessary penalty and interest. If you were required to pay installments for 2016, ensure that this has been done.\u00a0 The final installments is due on Dec.15th.<\/p>\n
\nThe holiday season is a popular time to make donations and those made prior to Dec.31st. will qualify for a tax deduction in 2016.<\/p>\n
\nIf you have realized capital gains in 2016 and unrealized capital losses that you are thinking of selling, consider selling them by Dec.23rd, to help reduce the capital gains tax. Talk to your investment advisor to see if this is a good idea for you.<\/p>\n
\n2016 is last year of fitness credit so pay and get receipts in 2016 where possible.<\/p>\n
\nIf you are planning to buy a vehicle, computer or other capital item on which you plan to claim capital cost allowance, you should consider doing it now. You can claim half of the % rate allowed in the first year and deduct it in 2016.<\/p>\n
\nAre you thinking of selling a rental property with capital gains? You may want to close in 2017 to defer any taxes payable to next year. A vendor take back mortgage can also help defer taxes. If you are planning any repairs, try to get them done now so you can deduct the expense in 2016.<\/p>\n
\nReminder to consider contributing to Registered Education Savings Plan or Registered Disability Savings Plan, if applicable, before end of year to qualify for the 2016 gov\u2019t grants.<\/p>\n
\nEnsure you have a summary of your car operating expenses and a log of your business KM vs. total KM driven in 2016. Without a log you risk denial of your car expenses by CRA. Keep actual receipts as backup for your car expenses and do not rely on just your visa statements. Start your 2017 mileage log in January.<\/p>\n
\nTalk to your accountant early this month about your tax planning opportunities.<\/p>\n