ARTICLE · 07 DECEMBER 2021

3 Tax-Saving Ideas To Close Out 2021

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The world is reopening, and you're overwhelmed with choices about how to spend the holidays.

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The world is reopening, and you're overwhelmed with choices about how to spend the holidays. Whether to have a company party in person or online? Whether to venture out of town or out of the country? How to plan your shopping (or whether to shop at all) given the global supply chain crisis?

If the old holiday favourite, "tax planning" isn't on your list, we've got you covered.

Here are some year-end decisions you can outsource to your financial and tax advisors. A five-minute chat before December 31st will pay off when it's time to file your 2021 tax return.

1. CAN WE FIND A SILVER LINING IN ANY INVESTMENT LOSSES?

If any of your investments are lagging, now might be the time to take advantage of a strategy called "tax-loss selling." By selling an investment that has lost value, you can claim a capital loss. From a tax perspective, losses cancel out gains, resulting in a smaller tax bill. This strategy makes sense when:

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