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. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/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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