Since November of 2023, Global Stock Markets have been on a fantastic rally1. Obviously, this hasn't been a straight line up, but there have been a lot more good days than bad days. The US Stock Market has hit numerous new record highs this year2. A number of European Countries have hit new highs and even Japan, a country who had seen a peak on their Stock Market way back in 1989, has finally got back to new highs3. The Canadian Market had really lagged a number of global counterparts. This March, our Toronto Stock Exchange hit a new record of its own4. It's been a great start to the year.
By the time you read this newsletter, we will be very close to the April 30th deadline for submitting your Income Tax Return. Natalie and I have been in touch with clients about Portfolio Strategies Nominee Plans as the Tax Receipts & Slips for those were posted on our Portfolio Strategies website instead of them being mailed out. It's important to make sure that you have rounded up your T-slips, RRSP Contribution Receipts and, if you have a Non-Registered Investment Loan, your Annual Statements which show how much Interest you paid in 2023. Please let us know if you are still looking for any of your tax documents and we will send them over!
Tax slips for Flow-Through Share Limited Partnerships are always slow to arrive. Your contributions into these investments can be Tax Deductible, so if you subscribed to a Flow-Through Share LP in 2023, you will want to make sure that you have your Tax Documents before filing your return. Please let us know if you haven't received the documents by the time you have read this; We can track them down for you if need be.
The other thing that you can bring to your accountant is your Annual Statement for any Non-Registered Investment Plans that are set up with a Fee For Service Arrangement. Tax preparers may be able to use the costs of the Financial Planning for plans like this as Tax Deductible Expenses. It's worth including the statements for Non-Registered Plans held within a Nominee Plan which show the costs for Financial Planning in with your other tax documents.
Feel free to reach out if there is anything else we can do for you this Income Tax Season!
Bryce & Natalie Borden
1Financial Times: US stocks cap global market rally with best week in 3 months
2The Wall Street Journal: Stock Market News, March 28, 2024: Dow, S&P 500 End Quarter at Record Highs
3Reuters: Nikkei at record high: Here's what analysts say
4Reuters via MSN: TSX eyes higher open as metal prices shine