As 2016 comes to a close, you may be more focused on enjoying yourself during the holiday season than anything else. However, it is important that you consider your tax situation as the year winds down. To help with this process, we want to offer you the following tips.

Before the year ends, there are several financial tasks you should complete. We recommend:

•   Making gifts in kind
•   Making charitable donations
•   Making RESP contributions
•   Paying investment expenses
•   Making changes to your life insurance plan or purchasing a life insurance plan for the first time

If you are considering income splitting, you anticipate making an RESP withdrawal in early 2017, or you turned 71 this year, all of these situations can impact your taxes in the coming year. If any of these situations applies to you, we highly encourage you to come in and talk with us.

We also want you to come in and speak with a member of our financial management team if:

•   You think your tax rate is going to change in 2017
•   You are a teacher or early educator
•   You are a business owner
•   You have children
•   You have a family member with a disability

We are here to help you ensure the 2017 tax season goes smoothly for you in the upcoming year. Please contact us at BlueRock Wealth Management today to set up your appointment for discussing your current and future tax situation.

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