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.
Ranked: The World’s Least Affordable Cities to Buy a Home
In certain parts of the world, housing prices have risen much faster than household incomes, making home ownership increasingly more difficult for the average Joe. Using data from Demographia published in 2020, this graphic looks at some of the world’s most expensive housing markets.
RRSP and TFSA reminders
The deadline to contribute to your RRSP for the 2021 tax year is March 1, 2022. The maximum contribution amount for 2021 is $27,830, or 18% of earned income in 2020, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.
Who gets the blame for inflation
Consumer prices rose 7.0% in 2021, the largest increase for any calendar year since 1981. As a result, politicians across the political spectrum are working overtime to find someone to blame and attack.
Your Guide to 2021 Income Tax Reporting
As you prepare to file your 2021 income tax return, this brochure will assist you in understanding the tax forms you will receive from Richardson Wealth and provide you with expected mailing dates for each form.