Comments on: Year End Tax Tips: 2010 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm Building Wealth through Saving and Investing Sun, 12 Feb 2012 07:02:44 -0330 http://wordpress.org/?v=abc hourly 1 By: Mai http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117603 Mai Thu, 23 Dec 2010 19:36:03 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117603 Why would a TFSA transfer count as an overcontribution ? If you can prove that one account was closed and another opened in a different institution, in theory there should be no problem. Mai Why would a TFSA transfer count as an overcontribution ? If you can prove that one account was closed and another opened in a different institution, in theory there should be no problem.

Mai

]]> By: DoNotWait http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117588 DoNotWait Tue, 21 Dec 2010 15:53:28 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117588 Nice tips! I like the idea of donating stocks instead of money. Never tried it though. Did you? Nice tips! I like the idea of donating stocks instead of money. Never tried it though. Did you?

]]> By: Luana http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117585 Luana Tue, 21 Dec 2010 04:39:38 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117585 What are the tax implcations of canadians daytrading US stocks? What are the tax implcations of canadians daytrading US stocks?

]]> By: Linda http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117582 Linda Mon, 20 Dec 2010 22:27:26 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117582 If you are going to contribute to Spousal RRSPs for the 2010 tax year, do it before the end of 2010. That way you cut off 1 year from the 3 year attribution rule (if you needed to withdraw from them in the short term). If you are going to contribute to Spousal RRSPs for the 2010 tax year, do it before the end of 2010. That way you cut off 1 year from the 3 year attribution rule (if you needed to withdraw from them in the short term).

]]> By: Sustainable PF http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117575 Sustainable PF Mon, 20 Dec 2010 15:00:23 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117575 We upped our charitable donations in a big way by investing in our community via charity. ROI will be over 35%! We upped our charitable donations in a big way by investing in our community via charity. ROI will be over 35%!

]]> By: Alan http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-117573 Alan Mon, 20 Dec 2010 13:36:26 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-117573 @ Kinney: Very possible for there to be a capital loss if it is in a non-registered account for the last fifteen years. She may have had taxable distributions, increasing her adjusted cost base. If the current market value is lower than her adjusted cost base, then she would have a capital loss if she sold. She should have an accountant check this out for her. @ Kinney: Very possible for there to be a capital loss if it is in a non-registered account for the last fifteen years. She may have had taxable distributions, increasing her adjusted cost base. If the current market value is lower than her adjusted cost base, then she would have a capital loss if she sold. She should have an accountant check this out for her.

]]> By: Tax Refund Cards http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-114313 Tax Refund Cards Wed, 21 Jul 2010 18:35:34 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-114313 Great list. I just came across it, and think that a lot of these ideas are timely for halfway through the year. When I'm scrambling to get my tax stuff in order at the end of the year, its hard to find the time to get some of these things in order. Maybe I'll start on some of the "year end" stuff now (in the summer)! (or maybe I'll just go to the beach!) Great list. I just came across it, and think that a lot of these ideas are timely for halfway through the year. When I’m scrambling to get my tax stuff in order at the end of the year, its hard to find the time to get some of these things in order. Maybe I’ll start on some of the “year end” stuff now (in the summer)! (or maybe I’ll just go to the beach!)

]]> By: Best Year-End Tax Prepartion Tips From Personal Finance Community | Money Crashers http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108891 Best Year-End Tax Prepartion Tips From Personal Finance Community | Money Crashers Wed, 30 Dec 2009 05:11:09 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108891 [...] 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 [...]

[...] 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 [...]

]]> By: Shannon http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108684 Shannon Sun, 20 Dec 2009 14:15:55 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108684 I work for a charity and will confirm that the charity does not get dinged with gifts of securities - we think this is a great vehicle for giving, and will happily accept gifts of any amount. 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. I work for a charity and will confirm that the charity does not get dinged with gifts of securities – we think this is a great vehicle for giving, and will happily accept gifts of any amount.

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.

]]> By: Intelligent Speculator | Financial Ramblings http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108670 Intelligent Speculator | Financial Ramblings Sat, 19 Dec 2009 16:02:14 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108670 [...] It is NOT late to do some moves that will save you taxes – Million Dollar Journey Debt reduction takes tough love – MoneyUnder30 4 ways to generate passive income – TheFinancialBlogger Options strategy if oil is going to become stable? – MyTradersJournal Investment strategy with 10K or less – GatherLittlebyLittle You hear it over and over but it’s true, start saving early! – MyInvestingBlog Very good thoughts on Gold – ZeroHedge 10 ETF trends – ETFDB How important will Natural Gas become? – BloggingStocks If you liked this article, you might want to sign up for my FULL RSS FEEDS. Then, you will get my daily posts in your email and can read them at any time. To subscribe CLICK HERE [...]

[...] It is NOT late to do some moves that will save you taxes – Million Dollar Journey Debt reduction takes tough love – MoneyUnder30 4 ways to generate passive income – TheFinancialBlogger Options strategy if oil is going to become stable? – MyTradersJournal Investment strategy with 10K or less – GatherLittlebyLittle You hear it over and over but it’s true, start saving early! – MyInvestingBlog Very good thoughts on Gold – ZeroHedge 10 ETF trends – ETFDB How important will Natural Gas become? – BloggingStocks If you liked this article, you might want to sign up for my FULL RSS FEEDS. Then, you will get my daily posts in your email and can read them at any time. To subscribe CLICK HERE [...]

]]> By: Marc http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108667 Marc Sat, 19 Dec 2009 15:29:03 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108667 @ Kinny: the broker is wrong. Her basis is her initial cost, $5,000. She'll have $7,000 of capital gains to report when she sells it. Doesn't matter that it peaked at $18,000. @ Kinny: the broker is wrong. Her basis is her initial cost, $5,000. She’ll have $7,000 of capital gains to report when she sells it. Doesn’t matter that it peaked at $18,000.

]]> By: Weekly Round Up – Best Post of The Year Edition http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108663 Weekly Round Up – Best Post of The Year Edition Sat, 19 Dec 2009 11:03:15 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108663 [...] Frugal Trader @ Million Dollar Journey Year End Tax Tips [...]

[...] Frugal Trader @ Million Dollar Journey Year End Tax Tips [...]

]]> By: vektör http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108657 vektör Sat, 19 Dec 2009 03:26:38 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108657 You should ask a tax accountant about that, because unless you cash out you don’t need to state it when you file tax. You should ask a tax accountant about that, because unless you cash out you don’t need to state it when you file tax.

]]> By: Kinny http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108610 Kinny Thu, 17 Dec 2009 05:24:29 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108610 @Ms Save Money: Thanks! @Marc: Lucky for US citizens..Canadians don't have FSA. @Ms Save Money: Thanks!

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

]]> By: Marc http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108606 Marc Thu, 17 Dec 2009 04:18:43 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108606 Also, don't forget to use up any unspent FSA funds: http://www.justeyewear.com/blog/eyeglasses/ways-to-use-your-fsa-dollars-before-the-year-ends/ Also, don’t forget to use up any unspent FSA funds:

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

]]> By: Doctor Stock http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108605 Doctor Stock Thu, 17 Dec 2009 04:08:24 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108605 Yes, timely. And for those who are able to take advantage of any government incentives, get the folder organized! Yes, timely. And for those who are able to take advantage of any government incentives, get the folder organized!

]]> By: Ms Save Money http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108598 Ms Save Money Wed, 16 Dec 2009 23:42:02 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108598 @ Kinny - yeah that doesn't add up to me either. You should ask a tax accountant about that, because unless you cash out you don't need to state it when you file tax. @ Kinny – yeah that doesn’t add up to me either.

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

]]> By: Kinny http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108590 Kinny Wed, 16 Dec 2009 17:51:58 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108590 I have a question here, where I'm sort of confused: 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! I have a question here, where I’m sort of confused:

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!

]]> By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108589 FrugalTrader Wed, 16 Dec 2009 16:44:42 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108589 Thanks for the heads up Nobleea, fixed! Thanks for the heads up Nobleea, fixed!

]]> By: nobleea http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-108587 nobleea Wed, 16 Dec 2009 16:36:03 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-108587 having the HRTC extended for another year would be sweet. we maxed out the 2009 version in June sometime. we'd max out a 2010 version as well. having the HRTC extended for another year would be sweet. we maxed out the 2009 version in June sometime. we’d max out a 2010 version as well.

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