(November 2009) Customers are often busy buying holiday gifts in December, so why not send them a letter reminding them that buying gifts isn’t the only thing they need to do for the rest of the year. This letter template explains several tax-related steps customers need to complete before calling in 2010.
Download the Word version of the template here.
Dear (customer name):
If you’re like many people, you’re probably waiting until April to start thinking about your taxes. However, by the time taxes are due, it is usually too late to take advantage of this tax saving opportunity.
It’s time to see if you can take advantage of tax breaks by acting before the end of the year. With this in mind, there are many tax-related questions and issues that we may need to discuss soon so that you can make the most of this tax year. For example:
Do you give to charity? Three years ago, the conservative government abolished the tax on “in-kind” donations in the form of securities, investment funds and funds allocated to registered charities. If you plan to donate cash, property or securities, it is important to ensure that all donations are made by December 31 to be eligible for tax benefits on your 2008 return.
Are you planning to purchase unregistered investment funds? Many mutual funds pay out their profits at the end of the year, so investors who purchase them in December will be liable to pay tax on those profits as if they had been invested throughout the year. We can get estimates of this year’s payouts to determine whether it’s worth postponing purchases of unregistered mutual funds until January.
Have you opened a tax-free savings account? Tax-free savings accounts came into effect on January 1 this year. Hopefully you’ve already opened it, but if not, it’s time to activate it now. You can save up to $5,000 in a variety of investment options, and if you need it at any time, you can withdraw it tax-free.
Can you profit from a tax-loss sale? Since most portfolios have been successful this year, there is a good chance you will benefit from a tax-loss sale. In short, losses on certain assets – mainly stocks – can be offset by capital gains realized over the previous three years. Now is the time to review your portfolio and determine if there are any stocks that need to be locked in before the end of the year.
In addition, final payments must be made before December 31 to be eligible for 2009 tax relief on various items, including alimony, child care expenses, interest on money borrowed to obtain investment income, and investment advisory fees .
If you would like to schedule an appointment to discuss these or any other potential tax saving strategies, please do not hesitate to contact me directly.
Kind regards,
(Your signature)
(Your name)
(17/11/09)
This advisor.ca special report is sponsored by:
(November 2009) Customers are often busy buying holiday gifts in December, so why not send them a letter reminding them that buying gifts isn’t the only thing they need to do for the rest of the year. This letter template explains several tax-related steps customers need to complete before calling in 2010.
Download the Word version of the template here.
Dear (customer name):
If you’re like many people, you’re probably waiting until April to start thinking about your taxes. However, by the time taxes are due, it is usually too late to take advantage of this tax saving opportunity.
It’s time to see if you can take advantage of tax breaks by acting before the end of the year. With this in mind, there are many tax-related questions and issues that we may need to discuss soon so that you can make the most of this tax year. For example:
Do you give to charity? Three years ago, the conservative government abolished the tax on “in-kind” donations in the form of securities, investment funds and funds allocated to registered charities. If you plan to donate cash, property or securities, it is important to ensure that all donations are made by December 31 to be eligible for tax benefits on your 2008 return.
Are you planning to purchase unregistered investment funds? Many mutual funds pay out their profits at the end of the year, so investors who purchase them in December will be liable to pay tax on those profits as if they had been invested throughout the year. We can get estimates of this year’s payouts to determine whether it’s worth postponing purchases of unregistered mutual funds until January.
Have you opened a tax-free savings account? Tax-free savings accounts came into effect on January 1 this year. Hopefully you’ve already opened it, but if not, it’s time to activate it now. You can save up to $5,000 in a variety of investment options, and if you need it at any time, you can withdraw it tax-free.
Can you profit from a tax-loss sale? Since most portfolios have been successful this year, there is a good chance you will benefit from a tax-loss sale. In short, losses on certain assets – mainly stocks – can be offset by capital gains realized over the previous three years. Now is the time to review your portfolio and determine if there are any stocks that need to be locked in before the end of the year.
In addition, final payments must be made by December 31 to be eligible for 2009 tax relief on various items, including alimony, child care expenses, interest on money borrowed to obtain investment income, and investment advisory fees .
If you would like to schedule an appointment to discuss these or any other potential tax saving strategies, please do not hesitate to contact me directly.
Kind regards,
(Your signature)
(Your name)
(17/11/09)
This advisor.ca special report is sponsored by:
