As 2012 draws to a close and the new year is in our sights it's fun to reflect on the most compelling trends from the runways. However, in true fashion style, many of these trends will be short-lived and only a few will make a lasting impression. We give you the inside scoop on what to keep and what to toss in order to stay stylish in 2013.

The fashion industry is never in a state of rest. One day '90s minimalism is making a clean sweep at New York Fashion Week, then all of a sudden embellished prints flood the catwalks at Milan Fashion Week. It's safe to say that much of fashion is guilty of being fleeting.

The Canadian Living style department has taken a look back at each of our issues from 2012 and highlighted some of the top trends that have left a fashionable impression on us.

1. The "it" shoes: The smoking slipper
This year, stylish women left their ballet flats in their closets and upgraded to the shoe's more sophisticated sister: the smoking slipper. The clean lines and masculine shape of the smoking slipper look best covered in leopard spots, metallic toecaps and velvet. These luxe flats play double duty: they work with skinny jeans for a casual look to run errands in, yet when paired with a dress or slim trousers they're polished enough to wear to work.

Will this fashion trend flash forward into 2013? Yes!

2. Designers' most popular inspiration: The Great Gatsby
The spring/summer 2012 shows turned to all things 1920s for inspiration. Everyone from Marc Jacobs to Oscar de la Renta had a dose of the roaring '20s in their collections. From the flapper-like fringe seen at Marchesa to the art deco beading at Ralph Lauren, each collection evoked a vintage elegance that looked as though it was made for Daisy Buchanan.

Will this fashion trend flash forward into 2013? Yes, in accessories such as jewelry, bags and shoes, but not head to toe.

3. The must-have colours: Mint and burgundy
A pale, icy mint hue trended huge with consumers this spring. Adding freshness to any wardrobe, the pastel shade is a particularly great colour option for card-carrying members of the neutral club: not too bright, not too bold – just right. Mint denim was one of the most popular looks for the colour, especially skinny jeans.

Will this fashion trend flash forward into 2013? Yes, minty fresh is still big for spring. It's also trending in home decor and beauty.

This fall, the hero colour was burgundy in all its incarnations. From bruised berry to oxblood, the russet red hues were seen everywhere in both fashion and beauty.

Will this fashion trend flash forward into 2013? No.4. The jewelry trend: Arm party
The arm party was the biggest accessory trend of 2013. What does it mean? In a nutshell, an arm party is all about layering your wrist(s) with different combinations of bracelets, bangles and decorative elastics. The trend likely blew up because it offers people the perfect opportunity to customize a look.

Will this fashion trend flash forward into 2013? Yes, but with a smaller guest list. The look won't be so over the top.

5. The ultimate shape: The peplum
The sophisticated silhouette of the peplum first made its way onto the fashion scene in the 1940s, then reappeared in the '80s. In 2012 the peplum once again became the shape du jour. The ultra-feminine silhouette was seen in everything from dresses and skirts to shirts and blazers.

Will this fashion trend flash forward into 2013? Yes and no. It will be a style detail in garments, but the silhouette will not be as exaggerated as we saw it in 2012.

6. The most-coveted garment: Printed pants
Printed pants (also known are personality pants or statement pants) took off like wildfire this year. Previously, if you wanted to make a statement you'd wear brightly hued jeans, but colourful denim is now being worn as a neutral. To really make a style statement printed pants are the way to go. We saw everything from geometrical prints and polka-dots to florals and animal prints.

Will this fashion trend flash forward into 2013? Absolutely.

As the end of the year draws near and you start editing your closet for 2013, keep in mind our list of trends that will be useful to hang onto. Other trends that made an appearance in 2012 that we'll likely see in the new year include embellished collars, leather, graphic stripes, neon hues and metallic fabrics.

Want more insider fashion tips? Check out our Fashion and Beauty blog.