We’ve made it through RRSP Season and for many of you, you’ll now be getting Contribution Receipts and Tax Slips. RRSP Contribution Receipts are extremely important for reducing your taxable income. If you hold Non-Registered Assets, you’ll generally get some Tax Slips for any Dividends, Interest, and/or Capital Gains that you got throughout last year.
If you hold an Investment Loan, you’ll want to make sure that you’re keeping documents that show how much Interest you paid throughout the year. This interest can be Tax Deductible so it’s an important part of any Investment Loan Strategy. B2B Bank sends Annual Statements directly to clients. These statements show the total interest paid in 2018. If you have leveraged through another Loan or Line of Credit, you may have to tally up the interest payments yourself. Please also remember that if you hold T-Series Funds in your Investment Loan Portfolio, you (or your accountant) will need to factor in the Return of Capital when calculating how much interest may be Tax Deductible. Please let me know if you need any more information on that.
Natalie and I will be out of the office from March 25th to March 29th. We had a number of interruptions over the Christmas Holidays so we didn’t feel like we had a good enough break! After a very busy start to 2019, we’d like to spend some time with the girls and do some things in and around Calgary. I will be checking my phone and email during that time but please, book some time in with us wither before or after our Spring Break!
Happy Tax Season to everyone!!
Bryce A. Borden
