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Keep an eye on your mailboxes...it's tax slip time!

Income Tax Deadline | April 30, 2018 (individuals) or June 15, 2018 (self-employed persons)

 

It’s that time of the year when tax slips related to your 2017 investments and RRSP contributions are beginning to arrive.   Some slips may look familiar, others may not. Here’s a quick description of some of the more common slips and what you’ll need to do with them.

 

T3s, T5s & T5008s

If you held mutual funds in a non-registered account, and the mutual funds paid a distribution in 2017, you’ll receive a T3 slip. This slip will tell you how much income (interest, dividend or capital gains) you’ll need to report on your tax return for the mutual fund listed on the slip.

 

You may also receive a T5 slip. This is similar to a T3, but it tells you how much income you received during the year from mutual fund corporations (as opposed to mutual fund trusts), or from any stock dividends you received.  You’ll need to report these amounts on your return also.

 

Finally, if you physically sold any of your mutual funds, securities (stocks or bonds) in 2017 from a non-registered account, you will receive a T5008 slip. This will report any taxable gains or losses you realized when you sold those investments.

 

IMPORTANT: Any income generated by a non-registered account must be reported, regardless of whether the dividends and/or capital gains were reinvested, or whether you received it as cash.

 

 

T4RSP or T4RIF

Income taken from your RRSP or RRIF in any given year will trigger a tax receipt to be used for filing.   In any year that this occurs, you should expect to receive either a T4RSP or a T4RIF.  This slip will outline the gross amount your redeemed from your plan, along with any taxes that may have already been withheld on your behalf.

 

PREMIER FEE SUMMARY

Fees paid on any non-registered Fee-Based Accounts can be tax-deductible.  So keep an eye out for your PREMIER FEE SUMMARY and provide it to your tax-preparer.

 

Not sure what you should be waiting for?

Before you file your tax return this year, make sure you’ve received all the slips that have been issued to you.  You may also receive some that I haven’t mentioned above – for example, if you’re currently living outside of Canada, the tax slips will differ.   We’ve also attached a handy Tax Return Checklist for your reference.  Hope it helps!

 

If you’re ever unsure which slips you should be expecting, get in touch with us and we’ll point you in the right direction.  Happy filing!

Call 1-877-676-6686