Year End Tax Planning II

the Lazer Grant Tax TeamBlog, Tax, Tax Credit

Shares with unrealized capital losses in your investment portfolio must be sold in order to use the loss.  The shares need to be sold and settled prior to the end of the year.  This means the actual sale date needs to be about December 24.  Check with your broker for the precise date.  If you would like to use the loss and continue to hold the shares, you need to wait 30 days before repurchasing the stock.  If you repurchase the stock within the 30 days, the loss will be deferred to a later sale.

If you have already had some capital losses and you would like to realize some gains to offset the losses, the share sales must be settled prior to the end of the year.  Again, the sale date will be about December 24 and please get the precise date from your broker.

The federal government has indicated it will raise taxes on those individuals earning more than $200,000.  If this impacts you, consider if additional salary or dividends should be paid to you in 2015 instead of 2016.

If you have any questions about year-end or other tax planning, call or email any one of our willing and able Tax Team members:

  •  Garry  204-977-3520 or
  • Alex  204-977-3518 or
  • Ken  204-957-8205 or
  • Ann 204-977-3879 or