Just in case you haven't signed up for our newsletter (on the home page!) here is what we talked about in the December 2016 JYC Financial Newsletter.
We know you're busy, so we won't keep you. Here are a few quick reminders before year end:
Cash Flow Management: It may be a little late in the game for this but in case you haven't, please remember to put a reasonable budget on your holiday spending. Those January credit card bills can be depressing if you haven't been mindful - and it really is the thought that counts. Your family isn't interested in increasing your debt load. If you need a quick tip, or some help when the bills roll in, do let us know.
Principal Residence: If you sold your principal residence in 2016, you now have to report that sale on your personal income tax return - even if the gain is fully exempt. If you fail to report it, you won't be entitled to the exemption.
Tax-Loss Harvesting: Time is a little tight, but if you have unrealized capital losses in your investment portfolio, consider selling them and applying the loss(es) against any net capital gains you have realized in 2016 or the three years prior. It may make sense to complete those trades before December 23 2016 - and be sure to confirm the settlement date with your financial services provider. Don't forget the Superficial Loss Rules.
Maximize TFSA contributions: You can contribute up to $5,500 for TFSA for 2016, as long as you are 18 or older and resident in Canada. If you haven't made any TFSA contributions in previous years, you may have as much as $46,500 in contribution room. *If you have a child who is 18 or older a TFSA contribution really is a great holiday gift!
Family Income Splitting: Canada Revenue Agency's low prescribed interest rate of only 1% at least until the first quarter of 2017 is a great opportunity for income-splitting loan arrangements with family members or a family trust.
Personal Tax Instalments: If you are required to pay personal tax instalments, the final payment is due December 15, 2016 to avoid interest and penalty charges.
Payments Due by December 31 2016:
- Charitable gifts
- Medical expenses
- Union & professional membership dues
- Investment counsel fees, interest & other investment expenses
- Political contributions
- Deductible legal fees
- Interest on student loans
Please feel free to drop us a line at firstname.lastname@example.org.
All the best to you and yours this holiday season! Wishing you a prosperous 2017!
The JYC Financial & Spring Personal Finance Team
Julia, Shannon, Tracey, Sandi, Lindsay, Rob & Ashlee
JYC Financial/Spring Personal Finance News
JYC Financial and Spring Personal Finance will be merging in 2017. What does this mean to you?
- Access to more experts, with wider expertise
- Your planner has more time to spend focused entirely on planning
- Your planner has greater peer support, which in turn means greater support for you
- More information, articles and updates - for instance, Sandi Martin has created the "Invest Better" calculator which you can find here, and provides a regular reading list.
Starting in 2017, you'll be receiving a monthly (rather than quarterly) update from us, featuring news, information, and useful financial tips from both Julia and Sandi.
We've been joined by Ashlee Best, and Rob Bancroft, who are being mentored by Julia and Sandi as para-planners, with the intention of becoming fee-for-service planners just like us. Ashlee is Chartered Accountant, with experience working in public practice and with innovative start up companies. Rob is an expert in charitable gifting and adult education, with experience in traditional financial services. Both Rob and Ashlee reached out to us because they want to provide conflict-free, useful, actionable financial advice. Watch for their contributions to our websites and newsletter in 2017.
Tracey also joined the team months ago, but you may never have heard from her, as her focus is on operations, software, and data management. A veteran of the tax and accounting industry, Tracey has been vital in the building of financial services firms for nearly two decades.
Shannon, our amazing administrator (who you probably have heard from), has been hard at work training Lindsay. Shannon is working herself out of a job right now, as she transitions to a sole focus on running Admin Slayer Services. We'll miss her dedication, exacting standards, and warm communication style. We're excited to be working with Lindsay, who is demonstrating outstanding client service skills, and a dogmatic approach to task management that has even earned Shannon's approval!
Things to send to email@example.com this quarter
- Year End Investment Statements
- Personal Changes: children, parents, jobs, businesses, housing changes, spending updates, and renovations could all fall in here. Let us know what's new with you!
We'd love to hear from you!