2023 Tax Toolkit

1. Tax-loss selling

Tax-loss selling is the practice of selling investments that are in an accrued loss position in order to offset capital gains that you realized either in the current year or in the previous three years. For securities denominated in a foreign currency, be aware that currency fluctuations can affect the capital gain or loss that you report.

2. Split that pension

You may split up to half of your pension income with your spouse or common-law partner. Aside from the benefit of potentially reducing taxes, you may also be able to preserve some or all of the age credit and avoid or minimize the Old Age Security pension recovery (clawback).

3. Apply now to pay less tax all year

You may reduce tax deductions at source by completing CRA Form T1213 (Quebec taxpayers must also complete Form TP-1016-V) to reduce taxes withheld throughout the entire year.