January 2023

Reminder — you will receive 2 statements for January 2023

For January 2023 only, you will receive two account statements: one will show RF Securities Clearing LP as carrying broker, a transfer out of your assets and a closing balance of zero; another will show the transfer in of your assets, cover the balance of the month, and reflect Fidelity Clearing Canada ULC as our new carrying broker. These 2 statements will arrive in separate envelopes in the mail, or be posted as separate documents to your online portal, in early to mid-February. Please let us know if you have any questions.
 

 
Planning for Incapacity 

At some point in your life, you may lose the ability to fully care for yourself. This loss may result from an accident, an illness or from some other cause. It may last for a short period of time or it may be permanent. Finally, you may lose the ability to care for yourself to the extent that you are mentally or physically incapacitated.

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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.

Read more
 

 
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.

    

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.