It’s that time to break out the year-end tax-planning playbook | Financial Post
We’re closing in on year-end, and for taxpayers, this is the time to take a look at last minute deductions and adjustments to save you money and maximize your returns when you file next spring. There are a few opportunities that require planning now. One item is tax-loss selling, which needs to be completed before the last week of December. Also, don’t miss your chance to use the federal First-Time Donor’s Super Credit (FDSC). This is the last year you can claim it, so ensure you don’t miss your chance to take an additional 25 percent in tax credits on donations up to $1,000. And for small-business owners, now is the time to look into dividend sprinkling before the proposed anti-dividend-sprinkling rules come into effect.