Year end tax checklist for Canadians

0:00 For Canadians wondering what tax moves you need to make before December 31st or before tax filing next year, you've come to the right place. I'm Brian, CPA over 15 years in finance. Registered accounts, FHSA, first-time home buyer, open this account now. Even with $0, contribution room doesn't exist until the account exists. So, miss December 31st and you'll lose this year's $8,000. TFSA, if you need cash early next year, withdraw before your end, contribution room comes back the following year, January 1. RRSP. If you're getting a year-end bonus, ask payroll to transfer directly to your RRSP and then skip the withholding tax completely. If you're turning 71 this year, RR RSP must be converted to an RRIF by December 31st.

0:38 No extensions. RSP contribute $2,500 per kid to max out the $500 government grant for the year. It's free money. Tax loss selling. So December 31st would be too late and the last trading date would be December 30th. So, if you got losses and no capital gains this year, you can always carry them back three years and file a T1A and get a refund from 2022, 2023 or 2024. There's a superficial loss rule, so you can't reby the same stock within 30 days and your spouse can or you can't in a different account.

1:07 you could look at, you know, selling one bank and buying another bank, so similar exposure and the loss would be allowed. Credits that some people miss is medical expenses. So, claim any 12 month period ending in 2025. If you've had surgery, let's say in November 2024, that could still count. Pick the window that maxes out your total. And then there's charitable donations. So, donating stocks, you can donate them directly to the charity and then there's zero capital gains. And first-time home buyers, don't forget the home buyers tax credit is $10,000 claim. That's $1,500 back just for filing it. Student loan interest. So, paying interest on government student loans, there is a tax credit can carry forward 5 years. If you've moved 40 km closer to a new job or school, moving expenses are deductible. truck, storage, travel, and meals. If you're supporting a parent or family member with a health condition, the Canada Caregiver Credit could save you over $1,200. GST HST credit automatic, but only if you file, no return. You get nothing. Family tax moves. I'm going to do a video on spousal RSP. If you're higher earnner, contribute to your spouse's RRSP, get the deduction, and get taxed later at a lower rate. If your spouse has TFSA room, give them cash to max it out. No attribution, taxfree growth in their hands. If your spouse is a first-time home buyer, you can fund their FHSA and get the deduction and the tax-free withdrawal. Over 65 with RRIF income, split up to 50% with your spouse. Both claim the 2,000 pension credit. If you have passive income in your corporation, and you've paid around 50% tax with some refundable, pay a dividend before your end that triggers a refund 38 cents back for every dollar capital dividend account. If you've realized gains in your corp, the taxree half sits in your CDA account. Pay it taxree. File form T2054 on time. And then run the math on salary verse dividend. Salary creates our RRSP room. Dividends don't. Here's your cheat sheet that you can screenshot and share and save for later with key important dates on it. Please like and follow for more videos like