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If you sold investments this year, it’s a good time to review your capital gains. Selling any underperforming investments by December 31st to realize losses can help offset gains, reducing your taxable income.

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Contributing to a spousal RRSP can be beneficial for tax planning, particularly if you and your spouse have unequal incomes. This is helpful for retirement planning, allowing the lower-income spouse to withdraw funds at a potentially lower tax rate after retirement.

If you’re considering selling an investment property, keep in mind that capital gains on secondary properties are subject to tax. Planning ahead can help you offset this gain by using capital losses from other investments or timing the sale strategically to minimize the tax impact.

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