With the end of the 2013 calendar year a mere few weeks away, we thought it an opportune time to remind our clients of deadlines which are fast approaching.

Conversion of an RRSP to a RRIF

If you turned 71 in 2013, you must convert your RRSP to a RRIF by December 31 of 2013. Furthermore, if you want to make one last RRSP contribution to your own RRSP, you must do so by December 31, 2013. You don’t get the extra 60 days like you do in all other years.

Charitable Donations

If you wish to claim charitable donations on your 2013 income tax return, you must make the contribution by December 31.

RESP Contributions

You must make RESP contributions by December 31, 2013 if you wish to maximize your entitlement to the government grant for 2013. For most of you, the maximum Canada Education Savings Grant (CESG) is $500 (per child) on a contribution of $2,500. If you are behind, however, you could be entitled to as much as $1,000 (per child) on a contribution of $5,000.

Lump-Sum Mortgage Payments

Most mortgage contracts allow you to make a once annually lump-sum payment on your mortgage, most often between 10% and 20% of your original loan. This is normally a calendar year deadline, so it’s fast approaching.

Personal Income Tax Installments

The last personal income tax installment deadline is December 15, 2013.

2013 Corporate Payroll Remittances

The deadline for the last calendar 2013 corporate payroll remittance is January 15, 2014. Note, the deadline is January 10, 2014 if your average monthly withholding amount is over $15,000.

Tax-Loss Selling (orders in by December 20)

If you sell securities at a loss, you can use this loss to offset any capital gains made earlier in 2013 or the three previous tax years, i.e., 2012, 2011 or 2010. This means you can use this loss to either save taxes in 2013 or recover previously paid taxes in the last three years. Alternatively, you can carry forward capital losses indefinitely to offset capital gains made in the future.

If you wish your trade to be completed in 2013, you must inform yourCFO Advisory Group (Bill Scott) of any sell orders no later than December 20. If you don’t, you will lose the ability to recover capital gains taxes paid in 2010.