{"id":1177,"date":"2023-12-12T16:37:14","date_gmt":"2023-12-12T16:37:14","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/?p=1177"},"modified":"2024-06-28T16:37:57","modified_gmt":"2024-06-28T16:37:57","slug":"year-end-personal-tax-tips-for-2023","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2023\/12\/12\/year-end-personal-tax-tips-for-2023\/","title":{"rendered":"Year-End Personal Tax Tips for 2023"},"content":{"rendered":"<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af05844 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af05844\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7df7364\" data-id=\"7df7364\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-3f412b9 elementor-widget elementor-widget-text-editor\" data-id=\"3f412b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><a href=\"https:\/\/wellington-altus.ca\/wp-content\/uploads\/2024\/02\/AWPG-Thought-Leadership-Year-End-Personal-Tax-Tips-for-2023_Update.pdf\" target=\"_blank\" rel=\"noopener\">Download this article as a PDF.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ee27204 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ee27204\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-342fa8b\" data-id=\"342fa8b\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-0fc3a8c elementor-widget elementor-widget-text-editor\" data-id=\"0fc3a8c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings. Here area few eleventh-hour strategies to consider for 2023:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8361bab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8361bab\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d12c3b\" data-id=\"9d12c3b\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-00cd2fa elementor-widget elementor-widget-heading\" data-id=\"00cd2fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">Tax-Loss Selling<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-8d9e40d elementor-widget elementor-widget-text-editor\" data-id=\"8d9e40d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Securities which are in a loss position in non-registered accounts can be sold by December 27th. The resulting capital loss can be applied against realized capital gains this year, in any of the previous three years, or in future years. Be aware that if you, or a taxpayer affiliated<sup>1<\/sup>\u00a0with you, purchase the security sold at a loss in the 30 days prior to or following the sale, the loss maybe suspended or denied.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b8eea5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b8eea5\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b9b01c1\" data-id=\"b9b01c1\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-2349db0 elementor-widget elementor-widget-heading\" data-id=\"2349db0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">Tap Into Your Tax-Free Savings Account (TFSA)<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-436015b elementor-widget elementor-widget-text-editor\" data-id=\"436015b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\">Withdraw any capital needed from your TFSA before December 29th. The amount removed from the TFSA will be added back to 2024 contribution room. Reminder: the contribution limit for 2024 has increased to $7,000 from $6,500 in 2023.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36454ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36454ee\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ef866b2\" data-id=\"ef866b2\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-99b1da8 elementor-widget elementor-widget-heading\" data-id=\"99b1da8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">Open a First Home Savings Account (FHSA)<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-3c17909 elementor-widget elementor-widget-text-editor\" data-id=\"3c17909\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\">New for 2023, the FHSA allows prospective first-time home buyers to save tax-free, up to certain limits. If you are a first-time home buyer who is at least 18 years of age and a resident of Canada, you can qualify to open an FHSA. Contributions up to $8,000 in 2023 are deductible.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b3587ff elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b3587ff\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c60d0e4\" data-id=\"c60d0e4\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-9ead65d elementor-widget elementor-widget-heading\" data-id=\"9ead65d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">Year-End Donations and Expenses<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-acdd41e elementor-widget elementor-widget-text-editor\" data-id=\"acdd41e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\">Charitable donations or in-kind donations of securities made by December 31st will generate tax credits for 2023. December 8th is the cut-off for in-kind donations of Wellington-Altus non-registered account securities.<\/p>\n<p class=\"p2\">Other eligible payments made before the end of the year that can generate potential tax savings include medical expenses for individuals and their families, certain home renovations<sup>2<\/sup>, investment counsel fees, interest and other investment expenses, political donations, and union dues.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c350b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c350b3\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a24dc53\" data-id=\"a24dc53\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-3ee87f6 elementor-widget elementor-widget-heading\" data-id=\"3ee87f6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">Registered Plan Considerations<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-737d69d elementor-widget elementor-widget-text-editor\" data-id=\"737d69d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\"><strong>RRSP\/RRIF\/LIRA\/LIF<\/strong>\u00a0\u2013 Individuals turning 71 in 2023 must convert their Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) and Locked-In Retirement Account (LIRA) to a Life Income Fund (LIF) by December 31st.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-7635b64 elementor-widget elementor-widget-text-editor\" data-id=\"7635b64\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\"><strong>RESP<\/strong>\u00a0\u2013 Parents and grandparents should consider making Registered Education Savings Plan (RESP) contributions before the year-end to receive 20% of the contributions up to a maximum of $500 per beneficiary in Canada Education Savings Grants (CESG), if eligible.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-3712dc8 elementor-widget elementor-widget-text-editor\" data-id=\"3712dc8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\"><strong>RDSP<\/strong>\u00a0\u2013 Consider contributing to a beneficiary\u2019s Registered Disability Savings Plan (RDSP) before December 31st to access 2023 federal government assistance and maximize tax-deferred growth.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d897555 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d897555\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2a21a3d\" data-id=\"2a21a3d\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-35587e9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"35587e9\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-divider\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f893687 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f893687\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0606d99\" data-id=\"0606d99\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-1fd494b elementor-widget elementor-widget-text-editor\" data-id=\"1fd494b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\"><sup>1<\/sup>\u00a0An \u201caffiliated person\u201d includes a spouse, a common-law partner (CLP), a corporation controlled by you or your spouse\/CLP, and a trust where you, your spouse\/CLP or affiliated corporation are majority beneficiaries.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-21bf101 elementor-widget elementor-widget-text-editor\" data-id=\"21bf101\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\"><sup>2<\/sup>\u00a0E.g. for the Home Accessibility Tax Credit and the Multigenerational Home Renovation Tax Credit.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Download this article as a PDF. Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings. Here area few eleventh-hour strategies to consider for 2023: Tax-Loss Selling Securities which are in a loss position in non-registered accounts can [&hellip;]<\/p>\n","protected":false},"author":144,"featured_media":1042,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-1177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Year-End Personal Tax Tips for 2023 - Kluge Wealth Advisory Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2023\/12\/12\/year-end-personal-tax-tips-for-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Year-End Personal Tax Tips for 2023 - Kluge Wealth Advisory Group\" \/>\n<meta property=\"og:description\" content=\"Download this article as a PDF. Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings. 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Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings. Here area few eleventh-hour strategies to consider for 2023: Tax-Loss Selling Securities which are in a loss position in non-registered accounts can [&hellip;]","og_url":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2023\/12\/12\/year-end-personal-tax-tips-for-2023\/","og_site_name":"Kluge Wealth Advisory Group","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61562895536401","article_published_time":"2023-12-12T16:37:14+00:00","article_modified_time":"2024-06-28T16:37:57+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/wp-content\/uploads\/sites\/132\/2024\/01\/WA-Featured-Image.png","type":"image\/png"}],"author":"klugewealthadvisorygroup","twitter_card":"summary_large_image","twitter_creator":"@KlugeWealth","twitter_site":"@KlugeWealth","twitter_misc":{"Written by":"klugewealthadvisorygroup","Est. reading time":"3 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