To help you navigate this tax season, our office wanted to take a moment to remind you of some important considerations regarding your RRSP (Registered Retirement Savings Plan) contributions and upcoming tax-related deadlines.
It is estimated that by the end of March 2024, majority of tax slips should be issued either electronically or via mail.
Deadline for RRSP Contributions:
The deadline for RRSP contributions for the current tax year is February 29, 2024. Contributions made after this date will not qualify for deductions on your 2023 tax return. Please ensure that any deposits made your account with The Steele Group via online banking are sent at least two business days prior to the deadline.
Review Your Contribution Limits:
Ensure you are well-versed with your RRSP contribution limit for the 2023 tax year, as outlined in your most recent Notice of Assessment from the Canada Revenue Agency (CRA). Staying within these limits is crucial to avoiding penalties.
Gather Necessary Tax Documents:
Assante has introduced a new Tax Checklist (see below for attached for example), which will be available on your Assante Investor Online platform in the coming weeks. This document will outline your expected tax slips. Please feel free to contact our team if you require assistance accessing your online account. For this reporting year, it will not include information for joint accounts, or tax slips for FHSAs.
We’ve included a list below of some of the common tax slips/documents you may receive keeping in mind that each person’s situation is different and this list is not exhaustive.
T4 RSP Statement of RRSP Income (If you withdrew funds from your RRSP, you'll receive a T4 RSP detailing the income and taxes withheld)
RRSP Contribution Receipts (first 60 day contributions will be issued one month after your final contribution date)
T5 Statement of Investment Income (this form summarizes various investment income, such as dividends, interest, and capital gains, for tax reporting purposes)
T3 Statement of Trust Income Allocations and Designations (this form summarizes various investment income, such as dividends, interest, and capital gains, for tax reporting purposes)
Investment Council Fees (this amount can also be found on your end of year statement). *This is to only deduct your non-registered fees
T5008 Statement of Securities Transactions (details your income or losses from securities transactions)
T4 FHSA / RL-32 tax slip (details of transactions on your FHSA)
If you have any questions or concerns about your RRSP contributions or the upcoming tax season, please do not hesitate to contact us or your accountant. We are here to assist you in making informed decisions that align with your financial goals.