In the final part of our series of year-end tax planning, we will focus on tax-loss harvesting, and why consulting with an adviser is critical. Tax-loss harvesting is a topic that is still relatively unknown by the average investor, but it has started to get more attention over last few years.
In part two of our series on year-end tax planning, we will focus on several aspects of giving and its impact on taxes. This seems very fitting to me, given the timing. With Thanksgiving officially in our rearview, we are now fully immersed in the holiday season – some of us have actually been there since November 1st. Today is also the Tuesday after Thanksgiving, which is known as “Giving Tuesday” – and yes, that is a thing. As this is a movement that I personally fully support, here is some quick background on it. “Giving Tuesday” is a movement to create an international day of giving at the beginning of the holiday season. It was started in 2012 in response to the commercialization and consumerism of the post-Thanksgiving season (Black Friday and Cyber Monday). Also, I recently stumbled upon this quote from Winston Churchill that really resonated with me, and might help put this movement in the proper perspective.
As year-end approaches, some individuals may want to take advantage of the following tax planning tips and strategies. As part of a three-part blog series, we will discuss an array of topics from Required Minimum Distributions (commonly known as RMDs) to Charitable Giving. The goal of this series is to help inform individual investors on several aspects of tax planning that they can address with their Investment Counsellor and Tax adviser.