[...] Dollar Journey has a nice list of year-end tax tips as well. Buy your Supplies for Home Improvements. If you’re planning on doing home improvements in the new [...]

Also for most charities it is not too late – this is our busiest time of year and most charities will remain open through to the 31st for the purpose of facilitating gifts. Call or visit their website, they will usually make a securities transfer form widely accessible.

The date of the gift in the case of a gift of securities would be the date at which the change of ownership took place. Once your broker is notified, this usually happens within 24 hours provided it is a business day, likely you can do this as late as the 30th.

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@Marc: Lucky for US citizens..Canadians don’t have FSA.

http://www.justeyewear.com/blog/eyeglasses/ways-to-use-your-fsa-dollars-before-the-year-ends/

You should ask a tax accountant about that, because unless you cash out you don’t need to state it when you file tax.

My mom bought a mutual fund 15 years ago and paid $5,000 for it. Over the years, I believe her fund grew up to $18,000 (either in 2000-2001 or in 2008) and as of today it’s worth around $12,000 (reminder: she has never sold it since inception). I’ve been telling her to sell her mutual fund, because it’s ranked as one of the worst performers in the past decade (Fidelity Growth America) along with other things…

So, my question is: Her broker is saying she can claim capital loss from it. I’m confused, I thought from inception to sell, and if the growth is positive, that will trigger a Capital Gain. How is it a capital loss? Am I not seeing something here?

Thanks!

FT it only matters what spouse you claim the tax credits on to the extent that each spouse would have the 200 of credits at the low tax rate before they could start claiming at the high rate.

Rocket Spanish, if you are still reading, you could file a T1ADJ for the 2007 tax year to claim the donations. The adjustment can be done online in very little time if you have the e-pass set up. If not there is a one page form to file (T1-ADJ) which can do the same thing. This is the proper way to claim a donation from a prior year.

georumble, my answer above applys to your situation.

cannon_fodder, you are right that mutual funds will often record their distributions at the end of the year. So it might make sense to ensure that you sell mutual funds before the end of the year. However, if the capital gain is large enough, then it might not be wise.

perhaps this deserves it’s own article but what about selling when it comes to mutual funds before their year end distributions?

Does it make even more sense in a nonregistered account to sell them at a loss and before you are entitled to receive income in the form of capital gains and interest and dividends?

I’ve heard one of the downfalls of holding mutual funds that distribute income is that you get the full tax hit even if regardless of what time in the year that you purchased them. Thus you buy in November and your distribution income is not prorated meaning you have to declare a year of income from the fund.

Flies against conventional wisdom to defer taxes as long as possible.

Check out more about the home renovation tax credit here.

- I bought a house this year and I keep hearing about this new Home renovation tax credit. Can someone explain what this is about…

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