Tax Topics with Fin
By Fin Macdonald, Fin Tax Service
Tax Free Savings Account (TFSA) limit for 2019 has been announced. The limit for 2019 will be $6,000, up from 2018’s $5,500. The accumulated limit, if you were at least 18 years old in 2009, and have never made a TFSA contribution, will be $63,500.
The last day for selling stocks and other publicly traded securities will be December 27. This is the deadline to have the trades reported on your 2018 Tax Return. Remember the superficial tax loss rule: If you, or a person you do not deal with at arm’s length (such as a spouse or minor child) purchases an identical security within 30 days of your sale, the sale will be null and void for tax purposes.
The deadline for contributions to your Registered Retirement Savings Plan (RRSP), to be deductible for 2018, will be March 1, 2019. If you turned 71 in 2018, don’t forget to make the choice for your RRSP before December 31: cash, annuity, or Registered Retirement Income Fund (RIF).
I’d like to wish all my clients and readers a happy and safe holiday season 😊 As always, dear readers, I look at taxes through my Lens of Helping You to Keep More of YOUR Money. In the February 2019 issue of The Beacon I will discuss tax changes and preparing for the 2018 tax return.