12-01-2016 – DEADLINE FOR RRSP CONVERSION AND INVESTMENT TRADING FAST APPROACHING

12-01-2016 – DEADLINE FOR RRSP CONVERSION AND INVESTMENT TRADING FAST APPROACHING

Just a reminder of a couple of items that have a Deadline of December 31, 2016 or earlier!

Conversion of RRSPs to RRIFs

RRSPs have to be converted to RRIFs IF you turned 71 in 2015. Similarly when they are converted to annuities. This has to be done by Friday December 31st, 2016!
Another point is that, if you turned 65 in 2015, you may want to convert some of your RRSP to a RRIF before December 31, so that you and your spouse may be able to use the Pension Income Tax Credit and may have pension splitting with your spouse!

Investment Trading

Canadian Stock Markets are closed December the 26th and the 27th, so the last trading date is Friday December 23rd, 2016 to record in 2015 any Canadian publicly traded stock gains and losses. US is Monday, December 28th for publicly traded stocks!

Please consult your Tax professional or Financial Adviser soon to assist you!

Add Comment

Your email address will not be published. Required fields are marked *