To avoid paying too much tax (or incurring penalties) here are some of the things you should do before the end of the year:
- Minimizing the number of bank and investment accounts on which you have an interest.
- Consolidating your accounts and determine if it is necessary to be listed on joint accounts.
- Consolidating all RRSP’s into a single account.
- Transferring ownership of your RESP to a non-American relative, either a spouse or parent.
- Divesting of all TFSA accounts.
- Selling off all mutual funds and replacing 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 to plan your way forward with reduced tax exposure.
You can reach us by phone at 1 (800) 905-0380 or use our contact form to email us.