TORONTO, Dec. 1, 2016 /PRNewswire/ -- 2016 has been a year of surprises. No one outside the U.K. thought that country would vote to leave the Eurozone. Yet it did. No one outside the U.S. thought Donald Trump would get elected. Yet he did. Everyone on Bay Street thought a Trump victory would crash the markets. So far, the markets are at all-time highs. It seems opposites were the norm in 2016. Photo - http://photos.prnewswire.com/prnh/20161130/444132 With that in mind, Coach Roel Sarmago offers three weird "opposite" tax-tips for Canadians that you won't hear from your banker. Before the year is through, invite Coach Roel to share why you may want to consider:
Withdrawing from—and not contributing to—your Tax-Free Savings Account.
Withdrawing from—and not contributing to—your Registered Retirement Savings Account.
Starting a business.
Withdraw From Your TFSA If you need the money for something else, you can withdraw or de-register funds from your TFSA before December 31, Coach Roel says. You automatically regain that contribution room on January 1. Withdraw from Your RRSP If you know you will be in a significantly higher tax bracket next year, it might be a good idea to de-register some of your RRSPs before December 31. Coach Roel explains that you can re-contribute to your RRSPs after January 1 when you are in a higher tax bracket, giving you a larger tax deduction.