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Using mutual funds to full potential

Being busy with all the shopping for food, gifts and anything else that comes with the holidays in December can make it difficult if not impossible to keep track of your finances and ban matters. Knowing what is going on financially ands finding out options that could be interesting for you when it comes to bank matters might be more important than you think at this time of the year.

Have you heard of mutual funds? They are formed by law and the rules applying to mutual funds can be complicated. Basically you are allowed to pass on any capital that is yours before the end of the year. This could happen in the shape of money donated by you to charities or gifts of money to friends and family members. You can give away anything up to $1 million spread out over your lifetime and for this you will receive a tax deduction. The deduction is only valid over the year in which you have given away money. So this in effect means that money given away in 2006 has to be registered as such in 2006.

The rule also applies to investing money in (for example) funds. If you want to invest in funds it is wise to do so before the end of the current year, but don't invest before the fund has paid out its distribution. Expected distribution dates for funds can be found on their brochures and websites. Cut back on your tax bill by selling your investments in funds that have not really done that well.

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