Tax Related Matters

Your 2022 Tax Return – Tax Reporting Information

RRSP contribution deadline for 2022 is Tuesday, March 1, 2023

Have you made an RRSP Contribution for 2022?

Your contribution room is limited to 18% of income earned in 2021, with a maximum contribution of $29,210 less any pension adjustments. Your 2022 limit can be found on your 2021 Notice of Assessment.
Convenient RRSP loans are available through our affiliation with National Bank.

Have you made a TFSA Contribution for 2023?

2023 TFSA contribution limit is $6,500 bringing the total contribution room to $88,000*.

*Your contribution room accumulates each year in which you are 18 years of age or older and a resident of Canada, even if you don’t file an income tax return or open a TFSA.

To verify your TFSA contribution limits, please contact Canada Revenue Agency website http://www.cra-arc.gc.ca/myaccount/ or CRA directly @ 1-800-267-6999. NBF cannot be held liable for any over contribution penalties.

Income Trust or Limited Partnership Units

Tax slips are not mailed until late Companies can file amendments. We suggest you wait until mid- April to file your personal tax return.
100% Return on Capital is recorded on the T3 and listed on the Summary of Trust Income
Reminder: If you have invested in (flow-through) Limited Partnership Units, please remember to use the tax credits applicable in future This is located on the final T5013 issued for any LPU. Keep copies to use these credits on your future tax returns.
Rob suggests that clients participating in flow-through limited partnerships or options have an accountant complete their tax return. If you do not have an accountant, please feel free to contact our office for a

The average U$ currency rate for 2022 is 1.3013 (applicable if you are reporting U$ capital gain/loss). Source: Bank of Canada – Financial Markets Department

Allowable capital losses can be applied against any capital gains for the previous 3 years (2019, 2020, 2021) or carried forward indefinitely.

For clients who have taxable accounts, we will be mailing out a Capital Gain/Loss Report by Feb 15,

Please keep these reports with the rest of your tax slips to give to your accountant.

Foreign Property Report

Foreign Property Reports will be mailed out by Feb 15, 2023 to clients with taxable accounts that contain foreign property greater than $100,000. Please keep these reports with the rest of your tax slips to give to your accountant.
On-line Services – if you would like to view your NBF accounts on-line, please contact me for
You can now receive your monthly statements, trade confirmations and tax slips on-line too!

Your personal tax return must be filed prior to mid-night of April 30th, 2023 (post-marked or received by CRA by May 1, 2023)

Summary table of the most common tax slips

This table lists the various Canadian slips and forms that may be needed to prepare your income tax return. Since these documents reflect the transactions and income recorded during the year, some may not apply to your situation. Before completing your tax return, please ensure that you have received all your slips to avoid having to file an amended return.

Please feel free to contact me if you have any questions or require any further information. I will be happy to be of any further assistance to you.

Maureen Peters

Wealth Associate

T: 250.953.8415 | F: 250.953.8470

Toll Free: 1.800.799.1175

Email [email protected]

Website www.rhunterwealth.ca

R Hunter Wealth Management Group National Bank Financial

Suite 700- 737 Yates Street

Victoria, BC V8W 1L6

National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada. The National Bank of Canada is a public company listed on the Toronto Stock Exchange (NA: TSX). The particulars contained herein were obtained from sources we believe to be reliable, but are not guaranteed by us and may be incomplete. The opinions expressed are based upon our analysis and interpretation of these particulars and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. The opinions expressed herein do not necessarily reflect those of National Bank Financial. The securities or sectors mentioned herein are not suitable for all types of investors. Please consult your investment advisor to verify whether the securities or sectors suit your investor’s profile as well as to obtain complete information, including the main risk factors, regarding those securities or sectors.

Please consult your tax advisor regarding your particular situation. National Bank Financial is not a tax advisor and clients should seek professional advice on tax-related matters. Please note that comments included on this website are not intended to be a definitive analysis of tax law. The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect of any person’s specific circumstances.

A Tax-Free Way to Save and Grow Your Investments 2023

Click here to download/print the PDF

A Tax-Free way to save and grow your investments 2023

Best regards,

National Bank Financial

Rob Hunter

Senior Wealth Advisor

National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada. The National Bank of Canada is a public company listed on the Toronto Stock Exchange (NA: TSX).

This information was prepared by Rob Hunter, a Senior Wealth Advisor with National Bank Financial. The particulars contained herein were obtained from sources that we believe reliable but are not guaranteed by us and may be incomplete.

The opinions expressed are based on our analysis and interpretation of these particulars and are not to be construed as solicitation or offer to buy or sell the securities mentioned herein. National Bank Financial may act as financial advisor, fiscal agent or underwriter for certain of the companies mentioned herein and may receive remuneration for its services. Rob Hunter, National Bank Financial and/or its officers, directors, representatives, and associates may have a position in the securities mentioned herein and may make purchases and / or sales of these securities from time to time in the open market or otherwise.

The opinions expressed herein do not necessarily reflect those of National Bank Financial. Several of the securities mentioned in this article may not be followed by National Bank Financial’s Research department.

The securities mentioned (inclusive of option strategies) in this article are not necessarily suitable to all types of investors. Please consult your investment advisor to discuss investment risks. All prices and rates are subject to change without notice. Stocks typically fluctuate in value. Stock values can go to zero.

Selling calls against stock (Covered Writing): Shares may need to be sold at the strike price of the option at any time prior to expiration. If the calls are assigned, further opportunity for appreciation in the underlying security above the strike price is foregone.

Risk/Reward of the strategy = Strike price minus the purchase price of the underlying plus the premium received from the sale of the call. The maximum loss is the same as holding a long position less the premium received.

The investment advice given only applies to residents of the provinces of British Columbia, Alberta, Manitoba, Saskatchewan, Ontario and Quebec.

National Bank Financial is a member of the Canadian Investor Protection Fund.

What Is Mortgage Insurance And How Does It Work?

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Mortgage insurance is generally sold by banking representatives at the time of arranging your financing. It is a life insurance product whereby the amount for which your life is insured is roughly equal to the amount of your mortgage. The insurance pays a benefit upon your death—not if you are unemployed or disabled.

When a couple is applying for mortgage insurance, they are usually insured on a joint basis, which means that the policy would pay out a benefit only upon the first spouse’s death. If both spouses were to die at the same time, the insurance policy would still only pay one death benefit. The balance of the outstanding loan is all that is paid.

Further, the death benefit decreases incrementally on a yearly basis, to coincide with the outstanding amount of your mortgage. At your mortgage anniversary—usually every five years—the cost of the insurance will increase.

With mortgage insurance, you are not given a choice regarding the beneficiary. The lender is automatically the beneficiary, not your Estate or surviving spouse.

Lastly, with mortgage insurance you do no medical underwriting or qualifying up front. It is all done when a claim is made which means your claim could be denied when your spouse or family is depending on it.

Does this sound like what you signed up for?

If you choose to purchase your life insurance from an independent insurance advisor, rather than from the lending institution, you can name whomever you want as your beneficiary. Your beneficiary could invest the proceeds and use the growth to continue paying the loan payments if they wish.

Buying your insurance separately from your loan allows your insurance advisor to shop and get you the best rates possible. Your rates for the coverage can be locked in to match the length of your mortgage if you like so you get price stability and certainty. All the qualifying and medical underwriting is done up front so the coverage is there when you need it most.

Interestingly enough, you can usually obtain two individual, single life insurance policies for a husband and wife from an independent insurance advisor for roughly the same price as a mortgage insurance policy. Definitely sounds like much better value for your money, wouldn’t you agree?

National Bank Financial – Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF Inc.), as well as a trademark owned by National Bank of Canada (NBC) that is used under licence by NBF Inc. NBF Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA). © 2020 National Bank Financial. All rights reserved. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank Financial. For Internal Use Only.

Alternative Investment Assets

We love it when prospective clients say, “how come I haven’t heard about this before?”

It might be because of product limitations where they deal or it might be that their advisor is not fully licensed in all aspects of the marketplace. Rob carries a license in both the securities market and the insurance market. There are not many products he can’t bring to the table.

As a result, we are not so interested in presenting products, but rather listening to your story and bringing forward product solutions.

In today’s world there are many alternate investment assets that many investors are not aware of, such as tax-advantaged products, or even synthetically structured products that provide all kinds of features.

We seek to methodically bring these to client’s attention depending on a client’s individual needs.

*NOTE: Insurance services are provided by National Bank Financial Services (NBFFS). NBFFS is not a member of Canadian Investor Protection Fund and the products sold or provided by NBFFS are not guaranteed by the Canadian Investor Protection Fund.