• Tax Loss Selling – Consider engaging in tax loss selling of some non-registered assets to offest capital gains you have accumulated over the years on other non-registered assets
• Capital Gains Inclusion Rate - Tax Gains – (As a reminder) What is done is done effective June 25, 2024, Capital Gains Inclusion Rate increased from one half (50%) to two thirds (66.67%).  Individuals and certain trusts are entitled to 50% inclusion on the first $250,000 of capital gains annually.  Those affected in 2024 by this change will have a more complicated income tax return to prepare (we're here to help you!).
• Tax Fee Savings Account (TFSA) Contribution - If you haven't already contributed to your TFSA this year, now is the time (just do not overcontribute or CRA will penalize you!). The 2024 TFSA contribution limit is $7,000.00
• Convert RRSP to RRIF at age 65 - You may wish to convert a portion of your RRSP to a RRIF earlier and withdraw $2,000.00 to take advantage of the pension income tax credit (if you are not already doing so).
• Delay RRSP withdrawaks under the Home Buyer's Plan (HBP) or Life Long Learning Plan (LLP) programs until January of next year to defer repayment by a full year.
  
• Spousal RRSP Contribution - If you have contribution room, perhaps contributing to your spouse's RRSP is an even better idea than contribution to your own
• Registered Disability Savings Plan (RDSP) Contribution - Assuming you have the available room, make a contribution to maximize the benefits. 
• RESP Contributions - Make sure to maximize your 2024 RESP contributions subject to the limits keeping in mind that you may be eligible to contribute to the current tax year as well as a previous year for which contributions have not been made or maximized. 
• Income Splitting - If you have pension income, you may split it with your spouse. Likewise, your family benefits tax wise on a spousal investment loan.
• Guaranteed Investment Certificate/Account - Delay upcoming year end GIC pruchases until January 2025 to defer taxation by a year.

Family and Estate Planning

• Canada Child Benefit (CCB) - Review your CCB entitlements and any provincial benefits for children.
• Caregiver Credit - If you take care of your parent(s)/a family member, you may be eligible for a $5,505.00 credit.
• BC Renter's Tax Credit - If you rent* in BC, you may be eligible for a $400.00 tax credit (*certain conditions apply.)

Home Buyers and Owners

• First Home Savings Account - If you or your loved one are eligible, now is a great time to set up an account and reap the benefits. 2024 First Home Savings Account limit is $8,000.00. Unused contribution room is eligible to be carried forward only once an account has been opened, therefore the earlier the FHSA is opened the better!
• Home Buyer's Plan - You can withdraw up to $35,000.00 from your RRSP to buy or build a home for yourself.
• First Time Home Buyer's Tax Credit - Receive a credit of up to $1,500.00!
• GST/HST New Housing Rebate - If you buy or build a house to be your primary residence, you may be eligible for a rebate.
• Multi-Generational Home Renovation Tax Credit - If you are doing renos to accommodate older or disabled family members, CRA is giving a break with this generous tax credit.
• Home Accessibility Tax Credit (HATC) - Specifically for qualifying individuals with eligible home renovation or alteration expenses, up to $20,000.00 limit per year!
• BC Home Renovation Tax Credit for Seniors and Those with Disabilities - Like the federal program above, the BC government is also offering a similar tax credit, up to $10,000.00
• Underused Housing Tax - Foreign nationals and some Canadian owners may be subject to a 1% tax on vacant or underused housing in Canada.
• Work from Home Tax Credit - Claim up to $2.00 per day if you worked from home more than 50% of the time for at least four consecutive weeks. A T2200 completed by your employer is required to determine eligibility. 
• Home Office Expenses - Be sure to utilize home office deductions for small business owners and commissioned employees on certain eligible expenses. 
• Canada Training Credit - For eligible Canadian taxpayers, take advantage of the $250.00 per year Canada Training Credit.  

Tax Credits and Other Deductions

• Disability Tax Credit - If you have an eligible physical or mental impairment, CRA may grant you some serious tax relief (talk to your Account Manager for details).
• Charitable Donations - As an individual donor, the first $200.00 annual donation (to an eligible registered charity) is eligible for a 15% federal tax credit, plus the applicable provincial/territorial tax credit. Donations above $200.00 are eligible for a 29% federal tax credit (or a 33% federal tax credit to the extent your income is above $246,752.00 and subject to a 33% tax rate), plus the relevant provincial/territorial tax credit. Keep in mind there are limits for charitable donation claims. It is important to note that you can now only claim 80% of your donation tax credit when calculating alternative minimum tax (AMT). Consider donating stock (which has accumulated significant capital gains) "in kind" to your favourite charity. When making a gift-in-kind, such as a donation of a publicly traded securities, instead of cash, it may increase the tax benefit of your donation. Be aware, gifts-in-kind may now be subject to AMT. 
• Medical Expenses - Consider buying glasses, hearing aids, orthodics, prescriptions and getting dental work done before the year's end if you expect your medical receipts to make up more than 3% of your 2024 income. Collect receipts for eligible out-of-pocket medical costs. 
• Moving Expenses - Moving 40 kilometers or more to be closer to your work can result in a nice deduction on moving expenses. 
• Association Fees and Union Dues - If you pay these, make sure to deduct them (be sure to provide your Account Manager your tax receipts).
• Digital News - Take advantage of the $500.00 subscription tax credit for qualifying subscription expenses after 2019 and before 2025. 

Important Deadlines for 2024 Year-End Tax Planning