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Year End Financial Moves - 2015 edition

on Sat, 12/19/2015 - 01:00

Yes, I am doing this yearender at the last 2 weeks once again... I always thought we had gone through them before, we don't have to do this again, I am just so wrong on this...

Direct deposit request

We have talked about this last year but this is even more important this year as the CRA (as well as a whole list of Canadian governmental bodies) is going to stop sending cheques to us to cut cost from April 2016. Since it takes time for them to get things changed, do make the request to CRA before the tax season kicks in. If you don't, I am afraid, you won't get your tax refund anymore!

Decide whether to make HBP/LLP payment

For those who had done Home Buyer's Plan (or Life Learning Plan) withdraws for their home purchase, there is a 15-year period for you do your repayments. Base on your 2015 income, you might want to make sure you make that payment before Dec 31, 2015, so that you don't get the unpaid portion counted as your income. However, if your 2015 incomehad been much lower, you might want to consider not make the repayment so that you will just let that amount added into your 2015 income.

Last year RRSP contributions for age 71s

For those who turned 71 in 2015 and had not convert their RRSP into a RRIF, you want to make sure you make an effort to do your last RRSP contribution (and possibly over contribtue by $2,000) by the end of the year. This is because you will no longer able to do anymore RRSP contributions once the new year comes along as you are required to convert your RRSP plan(s) into RRIF(s) by then already.

Ok, please do not say that I haven't remind you anymore :P

 

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