2012 – 2013 TAX PLANNING STRATEGIES to minimize your taxes, maximize your wealth

December 2012


The following information is intended to introduce you to some useful tax and financial planning strategies to help you better understand how you can minimize your taxes and maximize your wealth. 

As you may know, financial planning is time sensitive and many tax strategies are driven by deadlines. While the following list is not exhaustive, here are some timely action items to be taken and payments to be made in order to be considered in your 2012 tax return. 

Prior to December 31, 2012 

  • Utilize realized capital losses 
  • Transfer unrealized capital losses from a spouse 
  • Establish a low interest rate loan to a family member
  • Pay all qualifying deductible expenses, e.g. carrying charges, investment management fees, loan interest, alimony/maintenance payments, tuition fees, moving expenses, child care expenses, professional fees 
  • Consider the purchase of flow-through shares 
  • If you sold a vacation property this year, consider claiming it as your primary residence 
  • If you are age 71 this year, you must convert your RRSP to a RRIF. Consider the following:
    • use your younger spouse’s age for minimum payment calculations 
    • consider an advance contribution to your RRSP for earned income from this year
  • Contribute to your TFSA 
  • Contribute to your child’s RESP 
  • Make a political contribution 
  • Donate to charity 
  • For corporations: 
    • pay reasonable salaries to family members 
    • accrue salary and bonuses before year end (payment must be made within 179 days of year end)

Prior to January 30, 2013

  • Pay interest on low interest rate loans to family members

Prior to March 1, 2013

  • Contribute to your RRSP or Spousal RRSP (2012 RRSP contribution limit is 18% of earned income to a maximum of $22,970)

We recommend you discuss these strategies with your professional investment, tax and legal advisors prior to implementation to ensure they fit within your overall wealth plan. To receive our complimentary 2012-2013 Tax Planning reports for individuals and /or corporations, please contact your Richardson GMP Investment Advisor. 

Previous Tax & Estate Planning Strategies
View items by year:






  • 2012 – 2013 TAX PLANNING STRATEGIES to minimize your taxes, maximize your wealth

    Dec 03, 2012

    As you may know, financial planning is time sensitive and many tax strategies are driven by deadlines. While the following list is not exhaustive, here are some timely action items...
    read more
  • Tax loss selling – Smart strategy to reduce your capital gains this year

    Nov 01, 2012

    Each year, whether in bull or bear markets, volatility presents investors with tax loss selling opportunities. If you’ve realized capital gains in the year, consider selling assets with an accrued loss to offset the gains. You may also realize the loss if you’ve had capital gains...
    read more
  • Choosing a guardian for your children: Take time today to secure their future

    Oct 02, 2012

    Making a decision about who should raise your children in the event that something happens to you is not easy. However, as difficult as it is, taking the time to choose an appropriate guardian (tutor in Quebec) for your children will provide you peace of mind and will ensure someone guides and supports them through young adulthood and into maturity...
    read more
  • Insuring what matters the most: Our health

    Sep 04, 2012

    Most of us would never give up our home insurance, our car insurance, and even our life insurance. Nevertheless, when the time comes to insure our health...
    read more
  • Spousal Loans: A strategy to increase net worth and reduce tax

    Aug 01, 2012

    Consider reducing your family income tax by using a spousal loan. A spousal loan is an income splitting strategy that transfers investment income from a higher income earner... read more
    read more
  • Cottage Succession – Keeping it in the family

    Jul 06, 2012

    For most of us, there are wonderful memories attached to a family cottage. However, at some point, cottage owners will face the financial and emotional challenges of selling or transferring this cherished family asset...
    read more
  • Registered Disability Savings Plan (RDSP)

    Jun 04, 2012

    If you have a disabled child, you are likely concerned with saving for their financial stability in the future. A Registered Disability Savings Plan (RDSP) is designed to help contribute to the long term financial security for a person with a disability. As an efficient savings vehicle...
    read more
  • Win-Win: Creating your customized charitable giving strategy while reducing taxes

    May 02, 2012

    You’ve worked closely with your Richardson GMP Investment Advisor to reach your personal investment goals. Now, we can help you achieve your dream...
    read more
  • Key person insurance - Is your business protected?

    Apr 02, 2012

    As a business owner or executive you understand how critical certain employees are to your organization, but have you considered what would happen if one of your star performers became disabled or suffered death? There are many situations where insurance can provide protection for your company...
    read more
  • Strategies to save tax and maximize your wealth

    Mar 01, 2012

    Don’t wait until the last minute! Income tax season is upon us and the more organized you are, the more likely you or your tax professional will be able to take advantage of deductions and credits on your tax return to maximize your wealth. Strategies to minimize your taxes are one of the components to an integrated approach to your tax and estate planning...
    read more
  • Insuring your children

    Feb 01, 2012

    No one likes to talk about it because no one wants to entertain the thought. Parents dare not imagine for a single moment the possibility of one of their children receiving the diagnosis of a critical illness or passing away. Yet, not talking and not thinking about the financial consequences...
    read more
  • Estate Planning

    Jan 01, 2012

    Estate planning is an essential part of wealth management, particularly if your estate involves significant assets, complex issues or multi-faceted relationships...
    read more