Year End Tax Planning Ideas
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With the year's end fast approaching, here are some ideas to minimize your 2023 tax bill.
The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied to previous year tax returns to generate a tax refund. Or capital losses can be carried forward indefinitely and used against future capital gains. Just remember to keep track of those figures as CRA may not do so.
