Year End Financial Check List | BELONG

Year End Financial Check List

During this busy time of year we are so focused on our holiday check list that our financial year end check list may get forgotten. Here’s a list of some important things that need to be taken care of prior to December 31st.

	If you or someone you know is turning 71 this year and qualify to make a final RRSP contribution it must be made by December 31st. (Don’t forget that you also need to convert your RRSP to a RRIF)
	RESP (Registered Education Savings Plan): Planning on opening an RESP for your children? This is the last year you can open an RESP and qualify for the grant for any child who turns 15 before the end of this year. (Don’t forget to make your other children’s RESP contributions) If you qualify for additional RESP grants, be sure to make your contribution before year end. Additional grants can only be carried back one year. For children that turn 17 this year, this the last year that they will qualify for a grant.
	Make charitable donations now to take advantage of the tax relief on your 2010 tax return.
	Gather up all of your receipts for monthly public transit, medical expenses, childcare and child fitness. All can be used to reduce your taxable income.
	Work with your financial advisor to determine if you should sell any non-registered investments.
	Take the maximum advantage of a TFSA (Tax Free Savings Account) and contribute the full eligible amount prior to year end.
	Take advantage of penalty-free mortgage pre-payment privileges prior to year-end.