Nieuw Financial

You have 21 days left to... - make a donation to your favourite charity and use it on your 2019 tax return - make a contribution to your child's RESP and get the grant for this year. (You can catch up later, but if you keep up with your contributions, that education fund will grow faster) - sell money losing securities for capital losses in 2019. Actually, you have less than 21 days because trades typically takes 2 days to settle. You need to get them done by Dec 27th... - spend money on medical expenses and use them in 2019. ..and a few other things. Questions? Feel free to drop me a line. Always here to help. Paul.

2019 is quickly coming to a close and between the shopping and holiday gatherings, you should spend a few minutes thinking about your finances to ensure your 2020 starts off on the right foot. Things to consider before Dec 31: - charitable contributions are a great tax deduction, but must be received or post marked by Dec 31 to count on your 2019 return.... - medical expenses can cross over a year-end, but if you want to claim them on your 2019 return, the expenses must be made by year end. You can claim an 12 month period of expenses as long as the last date is in 2019. - RESP contributions. Yes, you can carry them over, but if you are contributing to your child's education fund, top it up to get the full government grant. - same story with your TFSA. No time limit on when to contribute, but the sooner you do the better. - the RSP deadline is the end of February but it's always a great plan to keep ahead and make regular contributions. - if you have investments that have lost money you may be able to sell them by year end to trigger a capital loss, which can be used to lower other capital gains. - start collecting and organizing your tax receipts now. It saves you the stress of doing it next year and it's a good habit to get into. Invest in a simple portable file folder and save your receipts all year long. - if you use your car for self-employed income and deduct expenses, remember to note your mileage on Dec 31. If you have a car expense coming up, consider if getting it done in 2019 will save you a few bucks. One last one - don't break your budget Christmas shopping and start January 1st off with a $0 balance on your credit card. Merry Christmas! Paul Nieuw Financial

Back to school marks new beginnings for many of us. Don't forget about your savings and investments. Need a review to ensure you are on track? Send me a note and we'll talk - I'll even buy the coffee. Nieuw Financial - a new way to think about money.

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