Year-end tax planning checklist for Canadian business owners

George Dube here, your tax-saving guide, helping Canadian real estate investors, healthcare professionals, and business owners navigate the year-end tax planning checklist in our latest YouTube video.

I know tax planning should be a year-round affair, but as we gear up for the new year, let's ensure you've checked all the boxes to save taxes, leverage credits, and set yourself up for success.
First things first, before December 27th—well, give or take a bit—let's talk about capital gains and losses. Assess where you stand, consider triggering losses to offset gains.

Then there's the TFSA, RRSP, RESPs—contributions, withdrawals, timing—it all matters. Maximizing these accounts before year-end can make a difference in your tax scenario. And hey, there's the first home savings account (FHSA) starting in 2023—worth considering!
But wait, there's more! Paying eligible expenses before year-end for tax deductions, navigating donations, and understanding how the new alternative minimum tax might affect your charitable contributions.

And that's just the tip of the iceberg! Triggering capital gains, dealing with dividends, purchasing depreciable assets—the list goes on, even diving into trust rules and deadlines.
Sure, it's a lot to take in, but we're here to guide you through it. You can always reach out to us or your advisors for help. Don't forget to subscribe for more insights and updates.

Remember, these strategies might just help you do wonderful things. So, let's dive into this checklist and make your year-end tax planning to dos a breeze!"

00:00 Introduction
00:00:45 Before December 27th – Trigger capital losses
00:03:35 Make contributions or withdrawals
00:03:49 TFSA
00:04:44 RESPS
00:04:51 RRSPs, RRIFs
00:06:20 Creating eligible pension income
00:07:13 Tax-free First Home Saving Account (FHSA)
00:08:23 Pay expenses eligible for tax deductions
00:09:39 Make donations
00:11:50 Trigger capital gains
00:12:27 Declare a bonus or dividend
00:12:56 Expensive depreciable assets
00:14:09 Document family trust allocations
00:15:01 Pay interest on prescribed loans
00:15:45 Watch for new bare trust rules
00:16:32 Make additional trust disclosures
00:17:48 Watch for UHT changes and filings
00:19:08 More information

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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.