I should have been a sportscaster, I love that kind of cheap rhyming stuff, but the end of the year is essential financially!
With the year coming to an end, you need to think about a few tax-related issues:
- Quarterly tax payment if you are in that tax situation (I know a surprising number of folk who make tax payments quarterly).
- Make an RESP contribution if you can, nicer than a sweater for your kids and it will pay off nicely in the future. Check the CRA link on how much CESG you might get from the contribution (oh, if you have put $50K in there, you have maxed out). Careful if you get an error accessing it.
- Make an RDSP payment to max out your contributions if you have a disabled loved one as well (remember, you can also transfer from an RESP to an RDSP, so figure out which one you should put your money into).
- Make an RRSP payment. The sooner it’s in there, the sooner it starts to grow, and you escape all the brouhaha and tom-foolery of RRSP season.
- How about your TFSA? Have you maxed out your inputs there? The Sooner it’s in there, the sooner it starts growing tax-free, do that now.
- Make a Charitable donation, last day for that as well.
You have no excuse to say, “I have nothing to do financially in January”, now do you? Any other end-of-year financial fun I am missing?
