January 2019

2018 Taxes

Hurry up and wait! It’s that time of year again…

We understand that many of our clients like to get their taxes done early and avoid that end of April chaos. We know that your accountants would like that too. However, CRA doesn’t make that possible for many of us. Why? Because the information needed to produce some tax slips isn't available until as late as March 31st. Remember, companies and funds must complete year end audits before they can provide the information to us and to you.
The majority of Richardson GMP tax slips will be mailed to clients late February/early March. However, the deadline for T3 (Statement of Trust Income) and T5013 (Statement of Partnership Income) mailings is not until March 31. Also, if you had any sells, maturities or redemptions in your non-registered accounts, the Trading Disposition Summaries are not mailed until early April. This is to make sure that the summaries accurately capture any Return of Capital transactions.
So set your expectations accordingly, and when you get your Tax Slip Checklist from us, make sure you and your accountant wait for all the slips before filing your return. As always, feel free to contact us with any questions.

What retirees need to know if they plan to defer Old Age Security benefits until 70

It’s been five years  since retirees gained the flexibility of choosing to defer receipt of Old Age Security (OAS) benefits from age 65 to as late as 70. This mirrors the option to defer Canada Pension Plan (CPP) benefits, although the “enhancement” is only 36 per cent for OAS, versus 42 per cent for CPP.

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Here’s (almost) everything Wall Street expects in 2019

Morgan Stanley called theirs The Turning Point. One Bank of America Merrill Lynch note went with The Big Low. Another from
JP Morgan opted for Countering the bears. The titles of Wall Street’s 2019 investment outlooks say it all: the world’s largest banks and money managers are gearing up for the last hurrah of one of the longest bull markets in history.

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Where should my savings go?

Should I contribute to my RRSP or TFSA? It’s a common question on the mind of many Canadians this time of year, and while more often than not, the answer is a resounding yes, there are situations that call for pause and further evaluation.

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RRSP and TFSA reminders

The deadline to contribute to your RRSP for the 2018 tax year is Friday, March 1, 2019. The maximum contribution amount for 2018 is $26,230, or 18% of earned income in 2017, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.

In 2019, the annual amount that can be contributed to a Tax-Free Savings Account (TFSA) is $6,000.

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The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, and PEI. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited, Member Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.