Customers are often busy buying Christmas gifts in December, so why not send them a letter reminding them that buying gifts isn’t the only thing that needs to be done before the end of the year. This letter template explains several tax-related steps customers need to complete before calling in 2009.
Way (Customer’s name and surname):
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 check if you’re eligible for tax benefits 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 to help you make the most of this tax year. For example:
Do you give to charity? Two 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 distribute their profits at the end of the year, which means that investors who purchase them in December will be liable to pay tax on those profits as if they were invested throughout the year. We can estimate what this year’s payouts will be to determine whether it’s worth postponing purchases of unregistered mutual funds until January.
Have you opened a tax-free savings account? While you can’t add funds to your new TFSA before January 1, it’s a good idea to open an account before December 31 so you can start saving as soon as banks reopen after the New Year. You can save up to $5,000 in 2009 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? Losses on certain assets – mainly stocks – can be offset by capital gains realized over the last three years. It’s time for us to review your portfolio and determine if there are any stocks you want to lock in losses on before the end of the year.
In addition, final payments must be made before December 31 in order to claim tax relief in 2008 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)
(11/04/08)
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