End of the year moves...
It is hard to believe that 2017 is almost over. It seems like the year just began! There are a couple of financial issues that may apply to your portfolios and they need to be initiated before year end.
First of all, if you want to do any catch-up in your children's Registered Education Savings Plans, now is the time. Catching up on contributions for this year or from a previous year could be lost if you don't contribute now. Each beneficiary has $2500/year of age that can be contributed to an RESP. Also, for Saskatchewan residents, the SK government removed their grant as of the end of 2017. And if you haven't started an RESP for your children or grandchildren yet, now is a great time to begin. The government provides a minimum 20% grant to funds contributed to an RESP. Education costs are one of the most inflationary expenses families will ever save for.
Also, making donations to your favorite charities is an excellent way to give back. It is also a great way to save a bit on taxes owing for the 2017 tax year. Many charities now accept donations online making it easier than ever to donate to the charity you care about most. Have you ever thought about giving a larger gift to your favorite church or charity by purchasing a life insurance policy and making the charity your beneficiary, or creating your own foundation? It's easier than you think. Charities depend on giving individuals to provide funds to continue their operations whether it be through yearly giving plans or through planned giving. Leaving a legacy to those organizations you care about is a great way to make your mark.
If you'd like to discuss any of these year-end strategies, let me know. I'm always happy to help! You can book an appointment with me here or of course, email or call the office.