- Joined
- Jan 29, 2008
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- 1,025
We have sold 5 properties this year, and plan on selling 1 or 2 more before the end of the year into Calgary's hot market. While we're selling rental condos at good values for our buyers, its time for us to right size our portfolio and take some gains as my wife had our first child earlier in the year. Which brings me to my question. We'll both be in the top tax bracket this year as a result of employment income, EI, and capital gains from the condo sales. However, next year my wife is likely to have no employment income and little EI. What have people done in the past to defer income to a subsequent taxation year?
I have two ideas so far.
1) Defer selling properties until 2015.
2) Purchase flow-through shares.
It seems to me both have the potential for loss, which isn't ideal for a tax planning vehicle. I'd appreciate thoughts and experience from those who have done something similar. I'd also be especially interested in any other ideas folks have for moving income into the next taxation year. We've already maxed out our RRSPs earlier this year, so that tax deferral mechanism is tapped out.
Regards,
Michael
I have two ideas so far.
1) Defer selling properties until 2015.
2) Purchase flow-through shares.
It seems to me both have the potential for loss, which isn't ideal for a tax planning vehicle. I'd appreciate thoughts and experience from those who have done something similar. I'd also be especially interested in any other ideas folks have for moving income into the next taxation year. We've already maxed out our RRSPs earlier this year, so that tax deferral mechanism is tapped out.
Regards,
Michael