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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 RRIF.)
- Planning on opening an RESP (Registered
Education Savings Plan) 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 not be carried over to the following year.
- Make charitable donations now to take advantage
of the tax relief on your 2007 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.
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