New Year brings us into a busy financial season

Dear Clients,

The new year brings us into a busy financial season. We want to provide you with some basic information concerning the spring deadlines and some tips for making organization your finances a little easier.

This year, the RRSP contribution deadline is March 1st, 2013.

Reminder: any contributions made between January 1st and March 1st will have separate contribution slips are usually produced individually and mailed to you shortly after the contributions are made. However, some companies wait and don’t send these slips out until March. These contributions can be attributed to your 2012 tax returns or saved for 2013.

RRSP contribution slips for contributions made within the 2012 calendar year are usually produced and mailed out mid to late January.

For non-registered (open) accounts, we recommend that you keep your year-end mutual fund statements, as they contain applicable information on income generated by the investments, as well as capital gain/loss information needed for your taxes. Note that these statements are the ones directly from the fund companies (i.e. AGF, Invesco Trimark, TD Mutual Funds, etc.), not the quarterly statement from FundEX Investments Inc. These statements are usually sent out mid to late January.

It is important to note that while companies try to produce tax slips as quickly as they can, some can take awhile. For T4 (i.e. RRSP & RRIF withdrawals) & T5 (i.e. interest income) slips, companies have until the end of February to send them out.  T3 (i.e. certain investment income) & T5013 (i.e. Statement of Partnership Income) slips, which are applicable to investments such as Pathway MineralFields, are usually not mailed out until the end of March.

We strive to provide optimal, timely assistance to you and your accountants during this hectic time of year. In order to serve you better, we have decided to streamline the process more so than we have in the past.

If you would like us to provide your accountant with investment information applicable to your tax returns, please ensure you provide us with your authorization to release information to them, along with their name and contact information in writing. This will ensure your privacy is protected. If you would like me to send you a letter template for this authorization, just let me know, and I will be happy to send you one. We recommend you do this ASAP to ensure there are no delays when your accountant needs information to complete your return. Note that this will be a requirement even if we have corresponded with your accountant in the past. This is the best way for us to confirm whose services you still enlist.

Additionally, we will be requesting that all information or duplicate slip requests be sent to us via e-mail (melissa@legacygroup.ca) or fax (250-475-3448). This will ensure that we respond in a first come-first serve basis, as well as provides record of the requestor (which relates to the previously mentioned required authorization.)

If you do not use an accountant and want to request information to be sent to you directly, we ask that you e-mail us the request if you are able to. We know that some clients do not have e-mail access, and we will be sensitive about those of you who will need to call to make the request.

For duplicate tax slips, these are not usually accessible until the end of February. Please be aware that if you request some before then, we will likely not be able to obtain them for you until then. Also, these would also limited to the slips that had already been issued up to that point.

If you moved in 2012, double-check that all your investment and insurance companies have your correct new address. Otherwise, year-end statements and tax slips will likely be mailed to your old address!

Personal income tax returns must be filed by April 30th, 2013. Self-employed persons must file their personal income tax returns before June 15th, 2013.

As always, please don’t hesitate to contact our office if you have any questions.

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I used to have a dog named TAX , whenever I opened the door, Income TAX .


Just a reminder…it’s that time of year!!!!! Purchasing RRSP’s closes the door on this doggone tax problem.

Cadillac Ave Office

Effective October 1st, 2014
Unit 2-15 Cadillac Ave
Victoria BC V8Z 1T3
Phone: (250) 480-1095

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