If Christmas shopping is on the top of your to-do list at this time of year, financial planner Adrian Mastracci points out that there may be some other pressing issues needing to be dealt with. He says year-end financial planning should be prioritized and executed by mid-December to avoid the “last-minute” rush.
Here are 15 things Mr. Mastracci’s says need to be reviewed now :
1.) Owners and self-employed Owners of companies and self-employed should review their 2012 remuneration mix.
Creating maximum 2013 RRSP room of $23,820 requires income near $132,300 in 2012. So, revisit your combination of salary, management fees, bonus and dividends as applicable.
2.) Harvesting gains and losses Review the need to realize a capital gain and/or loss for inclusion in 2012 taxes.
You must receive the sale proceeds by December 31. Be mindful of 2012 gains and losses allocations from mutual funds held in cash accounts.
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