Tag Archives: Wealth Management

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Your 2023 Tax Return – Tax Reporting Information

Your 2023 Tax Return – Tax Reporting Information

RRSP contribution deadline for 2023 is Thursday, February 29th, 2024.

Have you made an RRSP Contribution for 2023?
  • Your contribution room is limited to 18% of income earned in 2022, with a maximum contribution of $30,780 less any pension adjustments. Your 2023 limit can be found on your 2022 Notice of Assessment.
  • Convenient RRSP loans are available through our affiliation with National Bank.
Have you made a TFSA Contribution for 2024?
  • 2024 TFSA contribution limit is $7,000 bringing the total contribution room to $95,000*.
*Your contribution room accumulates each year in which you are 18 years of age or older and a resident of Canada, even if you do not file an income tax return or open a TFSA.
  • To verify your TFSA contribution limits, please contact Canada Revenue Agency website http://www.cra-arc.gc.ca/myaccount/ or CRA directly @ 1-800-267-6999. NBF cannot be held liable for any over contribution penalties.
Income Trust or Limited Partnership Units
  • Tax slips are not mailed until late March.  Companies can file amendments. We suggest you wait until mid-April to file your personal tax return.
  • 100% Return on Capital is recorded on the T3 and listed on the Summary of Trust Income Report.
  • Reminder: If you have invested in (flow-through) Limited Partnership Units, please remember to use the tax credits applicable in future years.  This is located on the final T5013 issued for any LPU.  Keep copies to use these credits on your future tax returns.
  • Rob suggests that clients participating in flow-through limited partnerships or options have an accountant complete their tax return. If you do not have an accountant, please feel free to contact our office for a referral.
The average U$ currency rate for 2023 is 1.3497(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 (2020, 2021, 2022) or carried forward indefinitely.
  • For clients who have taxable accounts, we will be mailing out a Capital Gain/Loss Report by Feb 15, 2024.
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, 2024, 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 access.
  • 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, 2024 (post-marked or received by CRA by April 30th ,2024) This Is When Your Tax Slips Will Be Available 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 tax 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.
RRSP Registered Retirement Saving Plan documents on table.

Have you made an RRSP Contribution for 2022?

The cut‑off date for making your 2022 RRSP contribution is March 1, 2023. 

 
Why is it important to contribute? An RRSP can increase your retirement savings in two ways:

›  Contributions are tax deductible and thus lower the amount of tax you would otherwise have to pay, and

› The investment returns in your RRSP are not taxed until you withdraw the funds. This tax deferral results in greater compounding as your funds accumulate more rapidly than they would in a non‑registered account.

Your deduction limit For 20221

Your deductible 2022 RRSP contribution is limited to the lesser of 18% of your earned income for 2021 up to a maximum of $29,210 plus any unused RRSP deduction room from previous years. The amount will increase to a maximum of $30,780 for your 2023 RRSP contribution.

Start thinking about your 2023 RRSP contributions

To take the greatest advantage of your tax deferral opportunities, it would be more beneficial to make your RRSP contributions at the start of or throughout 2023 rather than waiting until the first 60 days of 2024. This allows you to take maximum advantage of income tax sheltering on your investments.

Next steps for your RRSP

Please contact us at your earliest convenience so that we can ensure your 2022 RRSP contribution has been made in advance of the March 1, 2023 deadline. At that time, or at a future date, we can also discuss the optimal approach for your 2023 RRSP contributions and the strategies that will benefit your overall investment plan

Useful links:

Important dates for RRSP, RDSP, HBP and LLP  https://www.canada.ca/en/revenue‑agency/services/   tax/individuals/topics/rrsps‑related‑plans/important‑ dates‑rrsp‑rrif‑rdsp.html

Where can you find your RRSP deduction limit?  https://www.canada.ca/en/revenue‑agency/services/   tax/individuals/topics/rrsps‑related‑plans/  contributing‑a‑rrsp‑prpp/where‑you‑find‑your‑rrsp‑ prpp‑deduction‑limit.html

Contact information

R Hunter Wealth Management Group

700 – 737 Yates Street Victoria, BC V8W 1L6 Phone – 250.953.8415

Email [email protected]

National Bank Financial – Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada (NBC) that is used under licence by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a wholly owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).

NBF is not a tax advisor and clients should seek professional advice on tax-related matters, including their personal situation. Please note that comments included in this publication are for information purposes only and are not intended to provide legal, tax or accounting advice. The particulars contained herein were obtained from sources we believe to be reliable, but are not guaranteed by us and may be incomplete.

1 Conditions, precisions and limitations may apply. Please discuss this with your Wealth Advisor and seek professional advice of tax-related matters applicable to your personal situation

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2022 Market Update & Outlook for 2023

Looking back on 2022: asset performance and rate hikes | Forecast 2023: impact of the economic cycle on inflation and the risk of recession. Keep an ear out for the three quick yet important questions asked and answered at the end.

Please take a moment as Martin Gagnon, Executive Vice-President, Wealth Management, and Stéfane Marion, Chief Economist and Strategist at National Bank sit down to talk about our economic situation.

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We are committed to remaining present and will continue to strive to keep our clients informed and up to date.

Best regards,

National Bank Financial

Rob Hunter
Senior Wealth Advisor

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Video Market Update – November 2022

Happy November! Please take a moment to view my most recent video with commentary on the current market environment.

 

 

 

 

 

 

 

 

 

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Economic Impact – Finally, a break for inflation

Please take a moment as Martin Gagnon, Executive Vice-President, Wealth Management, and Stéfane Marion, Chief Economist and Strategist at National Bank sit down to talk about the global economic situation and its impact on the Canadian market.

Here is a brief summary of the content:

  • Global economic contraction – not global recession.
  • Europe is experiencing contraction (mostly due to energy) which will be more than offset by growth in China.
  • US has experienced consecutive quarters of negative GDP growth (Textbook definition of recession).
  • Stéfane is less concerned about this because a primary cause is inventory accumulation due to expected supply issues. Moving forward, as inventories decrease to natural levels, GDP can increase without inflationary pressures.
  • Also, the old school definition of recession is no longer used by the National Bureau of Economic Research. It’s too simplistic.

Housing Market:

  • Inflation is decelerating and NB is predicting 3% rates and not 4%+
  • 67% of variable-rate mortgages have fixed payments. Reduces impact on cash flow.  (VRM are 1/3 of the mortgage market).
  • 35% of Canadian have a mortgage. Very low.

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We are committed to remaining present and will continue to strive to keep our clients informed and up to date.

Best regards,

National Bank Financial

Rob Hunter
Senior Wealth Advisor

rhunterwealth.ca