Tax season is in full swing, and many of us are preparing to file for the 2016 tax year. If you’re the type of person who likes to get their taxes out of the way early, you may already be organized – however, there are always those of us who wait until the last minute to pull together the right receipts, records and statements. No matter how prepared (or unprepared!) you are right now, these tax tips from the Mailey Rogers Group will help you along the way. Our team is dedicated to client care, and has provided trusted advice to clients for over 30 years. Let our expertise support your family’s goals!
Don’t file too early
While some paperwork is mailed in late February, many investments are not required to mail your tax slips until March 31st. If you file too early and then receive another tax slip, you will create considerably more work for yourself to file an amended return. Be careful to ensure that all of your tax slips have been received before you file your taxes. It may be beneficial to create a checklist before tax season, ticking off items as they come in. We can help you with this – just give us a call! Martha Angulo is able to help clients with all tax and administrative queries, and Tannis Fuller is available to assist in her absence.
Reporting your realized gains and losses for your taxable accounts
If you have a taxable investment account, make sure you not only report the tax slips you have received, but also any realized gains or losses from investments sold during the calendar year. An Annual Trading Summary is provided each year for all non-registered accounts. If you read through this report and see you have sold an investment, you must report the adjusted cost base for that investment and the subsequent gain or loss. All investment firms are required to submit a transaction summary to CRA, so if a sale is reported and you don’t report the gain or loss, it may draw their attention. The adjusted cost base is reported on your statements, but if you need assistance interpreting the document, please reach out to Martha by phone or email. Tannis is also able to support clients in this regard.
Know what’s available online
Interest and dividend tax slips for GICs and exchange-traded securities are mailed to each client. However, if you have a paperless account with Mailey Rogers Group at Scotia Wealth Management and receive electronic statements, you can go online and print the tax slips for these types of securities. Please note that many securities, such as pooled prospectus funds, mail their tax slips directly to the client. Subsequently, these slips are not available online. Keep your eye on the mail, and make sure you have a filing system so no important documents are lost!
The Mailey Rogers Group is committed to providing an unparalleled level of client service – something we are nationally recognized for. If you have further questions after reading this blog, do not hesitate to reach out to Martha, Tannis, or another team member. Also, if you’d like to do some additional reading on this subject, check on this article on year-end tax planning. You may also be interested in this report on recent changes to life insurance and annuity tax rules (effective 2017). Thanks for reading, and good luck getting those papers in order!