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.

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