We had another busy RRSP Season this year and are just catching our breath after two months of non-stop activity! The first two months of the year are always very busy for us with new Tax Free Savings Account Contribution Room and additions to RRSPs. We got hit with a flu that affected everyone in our house this February which had us out of commission for a while. We also dealt with the passing of Natalie’s Grandfather near the end of the month. It was a tough time for us and the first time our girls have had to attend a funeral. We tried to make the best of it though and it was good to catch up with a lot of Natalie’s family.
As with past years, you’ll need to watch out for Tax Slips and RRSP Contribution Receipts in order to prepare your Income Tax Returns. Most of these forms are marked as official tax forms but for those of you with Non-Registered Investments, you’ll want to make sure that you use your Annual Statements to track any Capital Gains or Losses. This information isn’t always as obvious as the tax slips so feel free to contact me if you have any questions.
For those of you with Investment Loans, remember to keep track of your Interest Summaries. The interest payable on Investment Loans can be Tax Deductible so you will want to make sure that it’s on your Tax Return. If you’ve got a loan with BMO, B2B Bank or Manulife Bank, you’ll get a fairly straight-forward summary directly from your lender. If your Investment Loan is held through a Line of Credit or a Manulife One Account, you’ll need to make note of the interest that was paid throughout the year. This interest can substantially reduce your Taxable Income and in many cases, provide a nice Refund so make sure that you’re making note of it!
Once again, Natalie and I would like to thank everyone for all of the referrals we’ve got from you over the years. It’s very much appreciated and it’s kept us very busy. As a reminder though, we are really limiting how many new clients we take on at this point. It’s extremely important to us that we maintain our level of service to existing clients so we think it’s best to only take on clients near us in McKenzie Towne going forward. We do have some very capable colleagues in the industry that we would be happy to refer to anyone that you know so keep that in mind for your friends and family.
Bryce A. Borden