2020 December Money Tips

Happy December!

Remember how in October I started with part 1 of my year-end tax planning tip? It was about submitting your medical claims to your insurance company and/or your employer and then claiming out-of-pocket medical expenses on your tax return. 

Well, here is part 2 of my year-end tax planning and money tips. If you are still looking for gift ideas, here are some ideas:
- Buy appreciating assets such as securities or mutual fund as a gift.
- Does the person (you're gifting to) need any life insurance or extended health insurance but can't afford it? Perhaps you can offer to pay the premium for a period of time. Ask the person first if he/she would continue paying the premium after you're done.
- Or how about contributing to a fund for getting a Will and Power of Attorney done for the person you're gifting to?
- If the person you are gifting already has everything, how about making a donation in his/her name so he/she can claim the donation tax receipt? Ask him/her for his/her favourite charity. Best to select a charity which can issue tax slip right away (online).
- Last suggestion: How about gift certificate for services that may be used, for example, house cleaning or tax preparation. :)

#tax #money #canada #CdnTax #charity  

Feel free to share these tips with others. To get these money tips in your email inbox, send me an email or direct message with a title "Subscribe" or follow me on FB, LinkedIn, Twitter, or IG.

Your year-end celebrations may look different this year, but I still want to wish you and your family a very Merry Christmas and a Happy New Year!  


Photo by Kira auf der Heide on Unsplash