With the RRSP Deadline now a couple weeks behind us, it’s time to focus on the upcoming Tax Season. The “T” slips for any Non-Registered Investments should be arriving soon if they haven’t already. You should have got all of your RRSP Contribution Receipts which will be very important for Tax Reduction and your Annual Statements will have shown up in February.
Please keep track of these Annual Statements, especially the ones for Non-Registered Accounts. There is often important information regarding Capital Gains and Capital Losses. If there are realized Gains or Losses in a given year, these numbers should be noted on your Tax Return. Please let me know if you haven’t received any of the above documents and I’ll do my best to track them down for you before April 30th.
For those of you with Investment Loans, please make sure you are keeping track of your Interest Summaries. The interest payable on an Investment Loan can be Tax Deductible so you will want to make sure that it’s on your Tax Return. If you’ve got an account with B2B Bank or Manulife Bank, the statements are simple and easy to understand.
If your Investment Loan is held through a Line of Credit or the Manulife One Program, you’ll need to make note of the interest that was paid throughout 2015. In many cases, this entire amount can be subtracted from your Taxable Income so it is important to make note of it on your return!
We’re off to a busy start in March but will take some time off over Easter when the girls have a break from school. We’ll be home for much of the Easter Break and are happy to see people for coffee. Give us a shout if you’d like to have a visit!
