My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Friday, November 8, 2013

Year-end Tax Tip Tweets - For the Week Ending November 8th

This week I started tweeting daily year-end tax planning tips under the hashtag #yearendtips. The tweets are constrained by Twitter's 140 character restriction, so are fairly simplistic and lack detail. Notwithstanding the tweet restrictions, hopefully, these tips will act as a reminder for your year-end tax planning or cause you to review a tax issue you had not considered.

My Twitter year-end tax tips for this week are listed below. My twitter handle is @bluntbeancountr. I hope there will be one or two tips that are beneficial.

Tips for Week of November 4 - November 8, 2013

Review your year-to-date realized capital gains/losses & determine if you need to realize any capital losses to save tax #yearendtips

Consider making year end charitable #donations, especially if the donation will put you over the $200 minimum threshold #yearendtips

Consider paying non-eligible #dividends in 2013 to take advantage of lower tax rates before the rate increases Jan 1/2014 #yearendtips
(the tax rate on non-eligible dividends, typically paid by private companies, will increase for taxpayers in the highest marginal tax rate from 32.57% to 34.92% on Jan 1, 2014. If you are an Ontario super-rate taxpayer, the rate increases from 36.47% to 38.6%)

If possible, defer the receipt of bonuses or other income if you expect your marginal tax rate to be lower in 2014. #yearendtips

If you are self employed, purchase equip or incur an expense in the next few months rather than waiting until early in 2014 #yearendtips

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

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