January 2020

2019 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.

Trusts work —
as confirmed by the BC Supreme Court

By CV TrustCo
In the Spring of 2017, we blogged about the use of Alter Ego and Joint Partner trusts (”Trust(s)”), for those over 65 as excellent estate planning tools. We mentioned that benefits range from probate savings to protection from wills variation litigation. A recent BC Supreme Court Decision has confirmed that when properly constructed and executed, Trusts are a strong defence against family litigation claims. 
However, before we get to the decision, it may be useful to quickly summarize the benefits of a Trust.

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Purposeful planning 

Do your financial goals and objectives reflect your values? Purposeful planning allows you to incorporate these core beliefs into your wealth-planning decisions.
In this episode, host Sarah Widmeyer sits down with Sylvia Azoulay, Vice President of the Richardson GMP Private Family Office to discuss proper legacy planning and effective intergenerational wealth transfer strategies.

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RRSP and TFSA reminders

The deadline to contribute to your RRSP for the 2019 tax year is Monday, March 2, 2020. The maximum contribution amount for 2019 is $26,500, or 18% of earned income in 2018, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.
In 2020, the annual amount that can be contributed to a Tax-Free Savings Account (TFSA) is $6,000.

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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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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 and GMP are registered trademarks of their respective owners used under license by Richardson GMP Limited.