Episode 17

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Published on:

24th Nov 2023

#17: Year-end tax tips. How to find free money.

You never want to leave any stones unturned ….Especially if you’re looking for “Free Money”.

Yes, “free money” does exist and in this podcast episode I talk with our financial planner Yannick Rivest who takes us on a treasure hunt of places to look and boxes to check, to help make sure you don’t pay more taxes than you need to.

I work closely with Yannick to help guide all of our clients on the path to prosperity and happiness. His 15 years of experience in the finance industry and his engaging personality make him a valuable addition to our team.

We cover a lot of ground in this chat but you can reach out to us for our tax planning checklist in the show notes if you want to make sure you remember the highlights of our discussion.

  • Generating tax loss sells for investors. [02:32]
  • Avoiding incurring a superficial loss when selling for a tax loss. [04:31]
  • TFSA contributions and withdrawals. [05:30]
  • Converting an RRSP to a RRIF and making a final RRSP contribution. [07:00]
  • Reminder of the deadline to make an RRSP contribution for 2023. [08:27]
  • Ways that investors can save for the purchase of their first home, as previously discussed during episode 13.[09:20]
  • Explaining the difference between a tax credit and a tax deduction. [10:51]
  • The home renovation tax credit for multi-generational families. [12:07]
  • An overview on the RESP and how you can get free money to save for your children's education. [13:14]
  • Claiming medical expenses on your tax return. [16:28]
  • How charitable giving, as referenced in our episode with Diana Mao, can lead to tax benefits for investors. [18:16]
  • Key tips for business owners. [19:17]

Thank you for listening

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About the Podcast

The Prosperous and Happy Life
Money doesn’t guarantee happiness, but it sure can help. In this podcast, I bring you expert advice on how to achieve not only wealth …. But happiness too!
I shares tips and experiences from my quest to help my clients be prosperous and happy. Over more than 30 years I have worked with thousands of clients and countless experts, all looking to live a rich and fulfilling life. In my podcast interviews I share my stories and wisdom, along with advice from the many experts I have encountered along the way.

About your host

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Mary Hagerman

Mary Hagerman is an award winning portfolio manager and investment advisor with the Montreal office of Raymond James Ltd. Considered a female pioneer in building ETF-based discretionary portfolios for her clients, Mary is an expert columnist on ETFs for industry publications in French and English, and she is regularly quoted in the media. Mary combines her personal passion for karate with her professional experience in her book, The Black Belt Investor.

This podcast has been prepared by and expressed the opinions of Mary Hagerman, and are not necessarily the opinions of Raymond James Ltd. (RJL). Statistics, data and other information presented are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed. This podcast is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Past performance is no guarantee of future results. Information provided in this podcast is general in nature and should not be construed as providing legal, accounting and/or tax advice. Should viewers have any specific questions and/or issues in these areas, please consult your legal, tax and/or accounting advisor. RJL is a Member of the Canadian Investor Protection Fund.