February 2023

RRSP and TFSA contribution reminders

The deadline to contribute to your RRSP for the 2022 tax year is March 1, 2023. The maximum contribution amount for 2022 is $29,210, or 18% of earned income in 2021, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.

The maximum contribution amount for 2023 is $30,780, or 18% of earned income in 2022, whichever is the lesser amount.

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Debt Limit Drama 

The US federal budget is on an unsustainable path…but not for the reasons that most people think. Yes, the national debt is $31 trillion, well higher than annual GDP, and only going higher. Yes, the budget deficit last year was more than a $1 trillion for the third year in a row. None of this is good.

But the real root of the fiscal problem, and our biggest concern, isn’t the debt or the deficits, it’s government overspending.

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2022 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 Wealth 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. 
 

 
Your guide to 2022 income tax reporting 

As you prepare to file your 2022 income tax return, this brochure will assist you in understanding the tax forms you will receive from us and provide you with expected mailing dates for each form.

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New deposit instructions

Effective January 3, 2023, please use these new deposit instructions for online bank transfers, cheque deposits and wires. You will also need to reference your new account numbers. Please let us know if you have any questions.

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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 Wealth 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 Wealth Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Richardson Wealth is a trademark of James Richardson & Sons Limited, used under license.