The number of statements and tax-related documents received this time of year can be overwhelming. To help you with this process we have prepared this Tax Bulletin to clarify specific information and highlight certain documents that you will require when filing your 2023 tax return.
RRSP Accounts
- The RRSP deadline for the 2023 tax year is February 29, 2024.
- For contributions made in the 2023 calendar year, your tax receipts will be mailed by January 11, 2024. For contributions made between January 1st – 27th of 2024, receipts will be mailed by February 1st. For contributions made after January 28th, receipts will be mailed weekly.
RRIF Accounts
- T4RIFs will be mailed by February 28, 2024.
Non-Registered Accounts
- Year-end Assante statements (including your Charges and Compensation Report) will be mailed by February 1, 2024. The Charges and Compensation Report will include all fees paid for the year and this will assist your tax preparer in deducting the applicable fees on your tax return.
- Capital gains/losses will be located on your T5008 and mailed by February 28, 2024.
- T3s will be mailed by March 31, 2024 (note, these will come directly from the fund company).
- T5s will be mailed by February 28, 2024 (note, these will come directly from the fund company).
In-Trust For Accounts
- Please note, all tax slips will come with the trustees (parents) SIN on them although the capital gains may be able to be reported by the beneficiary (child).
- In addition, CRA has implemented new rules for this tax year and moving forward regarding In-Trust For Accounts. If an amount greater than $50,000 is held in these accounts throughout the year, it will now be considered a formal trust and a separate Trust and Information Return must now be filed. Your tax professionals will be able to provide additional details on this new requirement.
Tax-Free Savings Account
- The 2024 contribution limit is $7,000 plus any carry forward from previous years.
First Home Savings Account
- The 2024 contribution limit is $8,000 plus an additional $8,000 carry forward if the account was opened in 2023 with no contributions at that time.
- If you contributed to a FHSA in 2023, you will receive a T4FHSA, which will be mailed by February 28, 2024.
Corporate Accounts
- If you have a corporate investment account, your tax professional will require the Assante statements for the entire year (all four quarters).
The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, please seek professional financial advice based on your personal circumstances. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
