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What did you do on your summer holidays?

What did you do on your summer holidays? You don’t have to write an essay as many students may have to this week, but, if you also took a holiday from your finances, here are a few tips to think about and get you back on track. 

1) If you are considering a large purchase this year or early next year, think about withdrawing from your TFSA (tax-free savings account) before the end of this year. Under TFSA rules, you can replace the money withdrawn anytime next year, and as early as January 2, 2018. In addition, the withdrawal and the gains you made on your investment are tax-free.


2) You want to sit down with your advisor and discuss the performance of your investment; if you have any that have lost money, you may want to consider crystallizing your losses by selling that particular investment before the end of the year. This will offset against any capital gains you may have to declare. Don’t get too attached to a ‘loser’ just because you have held it for a long time – it may not rebound, and your money could be better allocated to another investment. In addition, the capital loss will protect paying tax on that amount of capital gain.


3) Know exactly what your financial situation is at all times. If one partner manages the finances and something happens to them, you will not know where to begin to sort everything out. If one partner racks up some credit card debt or misses a payment or two, it can affect your credit and future borrowing capability, or your joint venture to purchase a house, car or borrow money.


Take charge of your finances, talk to an advisor today.

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HollisWealth® is a division of Industrial Alliance Securities Inc. a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

This information has been prepared by Carol Plaisier Investment Advisor for HollisWealth®, a division of Industrial Alliance Securities Inc. and does not necessarily reflect the opinion of HollisWealth®. The information contained in this website comes from sources we believe to be reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where she is registered. For more information about HollisWealth®, please consult the official website at ww.holliswealth.com.

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