Written by Gwyneth James MBA CPA
Okay, I know…accounting is the farthest thing from your mind right now, but hear me out. There are just a few items that you need to take care of while you sip your glass of eggnog.
- If you have a vehicle you use for business or employment, don’t forget to take an odometer reading on December 31st.
- If your business is incorporated, this month is the time to pay yourself a little extra if you can – either as a bonus or as a dividend – to ensure it is added to your T4 or T5 for this calendar year.
- As an individual, December is donation time if you want to shore up that tax credit for this calendar year.
- Another item that is based on the calendar year is your TFSA contribution, but that rolls over if it’s unused so don’t worry. And you have until March 1st to contribute to your RRSP.
- If you have non-registered investments that you’d like to realize a gain or loss on, make sure you sell that stock or mutual fund before December 27th.
That’s it! See, not that hard.