RRSP and TFSA reminders
The deadline to contribute to your RRSP for the 2018 tax year is Friday, March 1, 2019. The maximum contribution amount for 2018 is $26,230, or 18% of earned income in 2017, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.
In 2019, the annual amount that can be contributed to a Tax-Free Savings Account (TFSA) is $6,000.
My Executor’s Executor is now my Executor!
So, what is the blog title referring to? Quite simply, if the stars align (or mis-align, as it were) your executor may not be the person you picked to do the job. How can this happen? What we’re talking about is the scenario of something happening to your executor while they are in the process of administering your estate. The job then becomes their executor’s!
Business owners and retirement
Whether you plan to sell your business or transition it to the next generation there will be decisions to make and planning to be completed.
To maximize proceeds and/or minimize tax, planning must begin well in advance of the anticipated transition date.
Canadian dollar conflicting forces
In this week’s Ethos we take a look at the Canadian Dollar. There are four major drivers of the CADs appreciation to the top performing currency in the G10 basket, up nearly 3.5% vs the U.S. dollar so far this year. This week we examine these forces and discuss where we see the loonie going from here.
Hurry up and wait! It’s that time of year again…
We understand that many of our clients like to get their 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 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 is 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.