As the Market Falls, Consider These Creative Tax Tips

The recent market drops are an understandable point of concern, but we urge you to consider them in a new light: as an opportunity for some creative tax planning. This interesting article from The Globe and Mail proposes a series of strategic, tax-effective moves to make in response to the market fluctuations as of late. Examples to consider include:

• Realizing losses to recover your taxes paid;

• Transferring your capital losses to your spouse;

• Freezing your estate;

• and more.

In the piece, Tim highlights a normal rule of thumb during times of uncertainty: avoid making sudden moves and keep in mind your longer term planning and goals.

If you have questions as to how any one of these strategies might fit with your portfolio, please let us know. Preserving and protecting your wealth is what we’re here for.