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Income Tax Time is Here

It’s more than not selling when markets go down!
Income Tax Time is Here

TAX SLIP QUESTIONS?

We receive many queries from clients regarding what type of tax slips can be expected for the previous year. Below are some guidelines to assist you in determining whether you have received all relevant tax slips for your investment accounts with us. Here is a summary chart for quick reference.

Registered Accounts

  1. If you have made an RSP contribution in 2020 or the first 60 days of 2021 you will receive a RRSP contribution tax slip from NBIN.
  2. If you have made a withdrawal from your RSP account, you will receive a T4RSP from NBIN.
  3. If you have received income from one or more Registered Retirement Income accounts (RRIF), you will receive a T4RIF for each account from NBIN.
  4. If you have made a withdrawal from a RESP and it is taxable in the beneficiary’s name, a T4A will be issued to the beneficiary from NBIN.

Non-Registered Accounts

  1. Fees paid to manage your non-registered accounts ONLY can be claimed for tax purposes. You will receive an Investment Income Summary statement from NBIN listing total fees and this may also include interest charges that you have paid and/or received on the account. A T5 receipt is issued with this report if you have earned interest.
  2. If there have been any dispositions in your accounts, you will receive a T5008 from NBIN for reporting gains or losses on the disposition.
  3. For each family of mutual funds that you own, you will receive one T3 slip directly from the fund company. For example, your account holds two Dynamic funds, two CI or Sentry funds and one BMO mutual fund. You will receive three T3 slips. One from Dynamic Mutual Funds, one from CI Investments and one from BMO mutual funds for each account registration. Please note that Page 2 of the T3 slip will list reporting details for each fund.
  4. If you hold dividend paying stocks, you will receive a Statement of Investment Income from NBIN and a T5 receipt.
  5. If you hold Trust Units, you will receive a Statement of Trust Income from NBIN and a T3 receipt.

Tax Free Savings Account

There are no tax slips generated for these accounts.

If you have any questions or require a duplicate copy of a tax slip, please contact Jeanette at jeanette@rowanoakwealth.com.

With warm regards,

Nikala (on behalf of the RowanOak Investment Committee)

Nikala Radley-Smith, CIM
Portfolio Strategist & Director, Client Services
416-818-0125
nikala@rowanoakwealth.com

RowanOak Private Wealth Counsel

Over the last 20 years, RowanOak Private Wealth Counsel has gained the reputation of an industry-leading innovator for its approach to wealth management. Considered a pioneer in providing the highest standards of proactive advice and planning, the RowanOak team places the interests of its clients first in all aspects of the practice.

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