While October signals the start of postseason baseball, an exciting prospect for playoff-starved Blue Jays fans across the land, it also marks the beginning of year-end tax planning season as there are several things you must do before Dec. 31 to reap the benefits when you file your 2015 tax return next spring.
Perhaps the most popular year-end strategy is tax loss selling, which has been a popular subject of discussion of late due to the rocky year we’ve experienced in most major stock markets. Tax loss selling involves selling investments with accrued losses prior to Dec. 31 to offset capital gains realized either elsewhere in your portfolio or from the sale of another asset, such as a vacation home or rental property.
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