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Most of us only think about our taxes come tax season, which is typically the two months leading up to the April 30 annual filing deadline, but it’s really the last two months of the calendar year when taxpayers should be paying attention.. Here are a few things you may wish to consider implementing before year-end that are unique to 2023 tax planning.
If you purchased securities in a foreign currency, such as in U.S. dollars, the gain or loss may be larger or smaller than you anticipated once you take the foreign exchange component into account, especially if you purchased those securities a while ago. Withdrawals to purchase a qualifying home, including withdrawals of any investment income or growth earned in the account, are non-taxable, just like they are with a tax-free savings account . If you end up not being able to use the FHSA to buy a first home, you have the option of transferring funds from an FHSA to your RRSP or registered retirement income fund on a tax-free basis. These transfers won’t affect your RRSP contribution room.
The 2024 AMT changes include raising the AMT rate, increasing the AMT exemption and broadening the AMT base by limiting certain exemptions, deductions and credits that reduce taxes.
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