OTIP News and Updates: Important year-end financial planning deadlines and tips

As the year draws to a close, it’s a great time to review your financial situation and take advantage of year-end tax planning opportunities. With a little planning, you can maximize your savings, minimize your tax burden, and stay on track with your financial goals. Here are a few key financial to-dos to consider:

• Saving for your first home or your child’s education? Contribute to your First Home Savings Account and/or your child’s Registered Education Savings Plan before December 31 to maximize tax benefits and government grants.
• Maximize any charitable donations. ‘Tis the season to give—so if you want to get a donation receipt (for this year) that you can claim on your tax return in the spring, be sure to give those charitable donations by December 31.
• If inflation has you worried about hitting your retirement goals, you’re not alone. See if you’re on track to enjoy the retirement you want using this Pension Income Gap Calculator, and you could receive a $25 Amazon gift card*: Learn more: https://bit.ly/49aow9U.

For a comprehensive checklist of to-dos, check out this helpful resource: https://bit.ly/3Ors3Hf.