Melody Smith, CFP on LinkedIn: Proposed increase to capital gains tax requires action (2024)

As the year winds down, here are some strategies that can help you optimize your portfolio's tax efficiency and avoid leaving money at the table. #TaxPlanning #InvestmentStrategies #YearEndFinance

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Capital Gains Tax (CGT) is a complicated area of tax-planning and can trip many of us up. It’s wise to get your head around CGT and take financial advice, so you don’t end up paying more than you need to.Here’s some answers to some of the most frequently asked questions about this often-misunderstood tax: https://lnkd.in/etdyuuvQ #investments #finance #financialplanning #financialadvice #financialmanagement #lifestyleplanning #financialplanner

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Year-end client meetings usually involve tax planning conversations. With the current market volatility, it makes sense to move up those discussions and optimize any tax planning that can benefit you long term.- Review your asset allocation- Defer tax on capital gains- Sell your losers before year-end- Make your interest deductible- Make a TFSA contribution

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Capital Gains Tax (CGT) is a complicated area of tax-planning and can trip many of us up. It’s wise to get your head around CGT and take financial advice, so you don’t end up paying more than you need to.#capitalgainstax #taxplanning #financialadvice

Considering triggering capital gains before June 25, 2024? The proposed increase in inclusion rates could impact your tax liabilities. Stay informed and feel free to reach out to us to discuss further.https://lnkd.in/gY88sYfW#2024FederalBudget #CapitalGains

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Here are the steps you need to take to get ready for the increase in capital gains taxes.

Investors should consider these ideas before year-end to save tax

Thinking of selling all or part of your financial advisory business? If so, the proposed changes to the capital gains tax rules could impact the amount of tax payable on the transaction.➡️ Among the changes proposed in the recent federal budget is an increase in the inclusion rate for annual capital gains above $250,000 from 50% to 66.6%, to take effect from June 25, 2024.To discuss your succession options and the potential impact of these proposed changes, contact me to set up a call.#federalbudget #successionplanning #wealthmanagement #financialadvisor #IPC

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📢 Attention, Investors! Beware of Your Most Powerful Enemy: Capital Gains Taxes! 💼Capital gains taxes can significantly impact your investment returns. Here's a breakdown of what you need to know:🏦 Federal Level:For investments held more than a year: Up to 23.8% of the gain.For investments held less than a year: Up to 40.8% of the gain.🏛️ State Level:41 states also levy their own capital gains tax.On average, this adds an additional 5% to the tax bill.Some states may have even higher rates.But fear not! Tax experts and savvy investors employ strategies to mitigate or eliminate capital gains taxes. Here are a few common ones:1️⃣ Investing in Tax-Sheltered Accounts:Consider utilizing tax-sheltered accounts like IRAs or 401(k)s. These accounts offer tax advantages and can help reduce your overall tax burden.2️⃣ Tax Loss Harvesting:By claiming a capital loss to offset a capital gain, you can effectively neutralize the tax impact on your bill. Smart tax planning is essential here.3️⃣ Donating Appreciated Assets:When you donate appreciated assets to a qualified charity, you can avoid paying taxes on the capital appreciation. It's a win-win situation.4️⃣ Deferring Capital Gains Taxes:Reinvesting the proceeds from the sale of an appreciated asset into a new investment allows you to defer capital gains taxes until a later date. This strategy provides flexibility.Stay connected with us! In the coming days, we'll be sharing various modes of tax planning to help you mitigate capital gains taxes.📞 Contact NCDOTAX for Expert Assistance:Our knowledgeable experts are here to help you develop a goal-driven plan to minimize your capital gains taxes. Don't hesitate to reach out!Remember, proactive tax planning can make a significant difference in your investment outcomes. Let's work together to maximize your gains and minimize your tax liabilities! 💰🔒 #TaxPlanning #InvestmentStrategies #ncdotax

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Capital Gains Tax (CGT) is a complicated area of tax-planning and can trip many of us up. It’s wise to get your head around CGT and take financial advice, so you don’t end up paying more than you need to 🤝 #Finacialadvice #financialplanning #capitalgainstax

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