End of year tax tips

To avoid paying too much tax (or incurring penalties) here are some of the things you should do before the end of the year:

  • Minimize the number of bank and investment accounts in which you have an interest.


  • Consolidate your accounts and determine if it is necessary to be listed on joint accounts.


  • Consolidate all RRSP’s into a single account.


  • Transfer ownership of your RESP to a non-American relative, either a spouse or parent.


  • Divest of all TFSA accounts.


  • Sell off all mutual funds and replace them with stocks and bonds of ordinary active businesses. (We are not financial advisers and cannot recommend any particular stocks or bonds)


Make an appointment with us at Nathan Farkas and Associates to plan your way forward with reduced tax exposure.


You can reach us by phone or fax at 1 (800) 905-0380 or use our contact form to email us.


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