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Tax season

It’s more than not selling when markets go down!
Tax season

I wanted to touch base on a few topics of interest and provide everyone with an update on the transition. The effort my office has shown over the past 3 months has been unparalleled. The trials and tribulations that come with such a change have been overcome and I am excited with what the future holds for all of us. A few Items to bring to your attention:

2019 RRSP Deadline

The deadline to contribute to your RRSP for the tax year 2019 is March 2, 2020. You can contribute to your RRSP on-line through your bank or from within your investment account (if applicable). Please feel free to call our office to discuss. The maximum RRSP limit is 18% of your earned income from the previous tax year. Earned income for RRSP purposes can include self-employed net income, CPP/QPP disability payments and net rental income. The maximum contribution is minus any company sponsored pension plan contributions.

2020 TFSA Contributions

The maximum amount you can contribution to your TFSA for 2020 is $6,000. If you have never contributed before, you may now contribute a lump sum of $69,500. To confirm contribution room it may be prudent to verify with CRA as penalties for over-contributing can be hefty. You can find out your individual TFSA limit by visiting the CRA’s My Account online or by calling the Tax Information Phone Service (TIPS) at 1-800-267-6999.

Quintessence Wealth Quarterly Report

Many of you have inquired about your Quintessence Wealth Quarterly Reports. We are very excited to announce that your Q1 reports will be available in late April/early May. In the coming weeks, we will have more information about these reports, so please stay tuned.

2019 Management Fee Reports

Many clients will be receiving their annual fee statement from iA Securities breaking down the management fee month by month. Since the accounts transferred at the end of the year to Quintessence Wealth, the amount of management fee that can be claimed at Quintessence Wealth can be found on your Annual Fees and Compensation Report (if applicable). For those clients that transferred over in the month of November, the December fee will show on this report under each account separately. For 2020 management fees, this will be summarized as before.

2019 Tax Slips

For those that transferred in 2019 to Quintessence Wealth and received year end distributions, you can expect to receive two T3 slips for the same mutual fund – one for your fund when it was held at HollisWealth and one for your fund held under Quintessence Wealth. The same holds true for any T5 receipts if interest and/or dividends were earned and/or paid. Feel free to call the office at the end of March and we can confirm that you have all your required slips for the taxation year.

Online Portal

Over the past number of weeks, we have been putting the final touches on your client portal experience, making sure that all the information you need is available and intuitive at the click of a button. We’re happy to announce that the hard work is complete, and we will be sending you an email this week with instructions on how to log in.

Mobile App

Introducing a unique feature that wasn’t previously available to us, RowanOak will soon have a mobile app! You will be able to download it on your phone and always have the convenience of your portal experience right at your fingertips, whenever you’re on the go. It works in much the same way as the desktop version, and your login details will be exactly the same. We will send you further notification when this is available for download.

Please note that you will still need NBIN on-line access to maintain and/or change your delivery instructions for statements (paper or electronic).

Have a wonderful week and if you have any questions, please feel free to reach out to the team.

Kind Regards,

Paul and the RowanOak team

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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