RRSP and TFSA reminders

The deadline to contribute to your RRSP for the 2017 tax year is Thursday, March 1, 2018. The maximum contribution amount for 2017 is $26,010, or 18% of earned income in 2016, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.

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Spousal loans

A strategy to increase net worth and reduce tax
 
If your spouse pays tax at a lower rate than you, you may want to consider lending him or her money to invest. Because of our current low interest rate environment now may be a good time to consider a spousal loan. Prescribed rates are 1% for loans entered into in the first quarter of 2018. The Canada Revenue Agency (CRA) prescribed rate is announced quarterly and may be changing in the future.

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Cyber security

At Richardson GMP Limited, we believe in being accountable to you. As such, we would like to take this opportunity to reassure you of the cyber security measures consistently used to protect your assets.

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2017 taxes

Hurry up and wait! It’s that time of the year again…
 
We understand that many of our clients like to get your taxes done early and avoid that end of April chaos. We know that your accountants would like that, too. However, CRA doesn’t make that possible for many of us. Why? Because the information needed to produce some tax slips isn't available until as late as March 31st. Remember, companies and mutual funds must complete year end audits before they can provide the information to us and to you.
 
The majority of Richardson GMP tax slips will be mailed to clients late February/early March. However, the deadline for T3 (Statement of Trust Income) and T5013 (Statement of Partnership Income) mailings is not until March 31. Also, if you had any sells, maturities or redemptions in your non-registered accounts, the Trading Disposition Summaries are not mailed until early April. This to make sure that the summaries accurately capture any Return of Capital transactions.
 
So set your expectations accordingly, and when you get your Tax Slip Checklist from us, make sure you and your accountant wait for all the slips before filing your return. As always, feel free to contact us with any questions.

Save the date!

This year the Barney Bentall and the Cariboo Express concert, in support of the Potluck Café Society, will be held on Saturday, November 24 at the Vogue Theatre. Once again, the Jefferson|Steele Partners are proud to be the presenting sponsor. We hope you can join us! More details to follow