March Newsletter

Mar 14, 2016 (0) comment

So, you’re getting a tax refund

The day that tax refund arrives is always exciting. And often we have it spent before we thought about what we wanted to do with it. Perhaps this year it’s time to spend sometime thinking about getting the most out of your refund.

There are a few simple investment options to consider:

RRSP – Putting this year’s tax refund in an RRSP today allows your money to grow on a tax-deferred basis while preparing for a tax reduction on next year’s tax return.

RESP – A post-secondary education can be expensive so investing in your child’s future early is a perfect way to manage those expenses. RESPs offer an effective, flexible savings plan. Give us a call so we can help you invest your tax refund in your child or grandchild’s future.

Segregated Funds – This kind of investment allows you to save for your future outside of a registered retirement fund. It allows you to take advantage of rising markets while offering guarantees against possible market downturns at maturity and in the event of death. It is managed by experienced portfolio managers and include an asset mix that suits all investor profiles. They also help protect your savings from potential creditors depending on the province of residence.

No tax refund this year? There’s still ways to invest

We all know it’s important to save for the future but investing can feel impossible if you don’t have the money in pocket today. There are a number of ways you can access investment funds without depleting your bank account.

RRSP loans – RRSP loans are ideal if you want to contribute to your RRSPs despite a temporary lack of liquidity. You can benefit from competitive interest rates, defer the first RRSP loan payment by 120 days and repay the loan in part or in full at any time.

RESP loans – RESP loans allow you to increase your contributions without having to modify their budget. Advantages of taking out an RESP loan means that you can benefit from a higher yield thanks to government grants, carry forward any unused grant amounts, pay off the loan at any time and the loan is approval without a credit check

Investment loans – If you are a seasoned, long-term investor with a portfolio of non-registered assets, an investment loan may be what you’re looking for. They help you increase your investment growth potential through use of a leveraging strategy, maximize potential returns, reduce taxable income with tax-deductible loan interest and benefit from competitive interest rates. You also can choose to pay back capital plus interest or interest only.

Whether you get a tax refund or not, the investment advisors at Strasbourg Agencies are here to help you determine how you can reach your investment goals. Just give us a call.

Tax Checklist

Help us ensure you get every tax credit and deduction you are entitled to, and the maximum tax return. Gather the following slips, receipts and other documents and bring them in to our tax consultants.

Tax Slips

  • T4 | Employment income
  • T4A | Other pension & annuities
  • T4A-OAS | Old Age Security benefits
  • T4AP | CPP benefits
  • T4E | EI benefits
  • T4 | RSP RRSP income
  • T4 | RIF RRIF income
  • T3 & T5 | Interest, dividends, mutual funds
  • T2200 | Conditions of employment/allowable employment expenses
  • T2202A | Tuition & Education receipts
  • T5007 | Social assistance payments & Workers Compensation benefits
  • T5013 | Partnership income
  • RC62  | Universal Child Care Benefit

Receipts

  • Attendant expenses for a disabled person
  • Adoption expenses
  • Carrying charges (including safety deposit box)
  • Charitable donations
  • Child care expenses
  • Child support/alimony payments or receipts
  • Children’s sports and arts programs
  • Exam fees for professional certification
  • Interest paid on your student loans
  • Medical expenses
  • Moving expenses
  • Office in-home expenses
  • Political contributions
  • Professional or union dues
  • RRSP contributions
  • Tool expenses (Tradesperson)
  • Transit pass

Other Documents/Information

  • Amounts paid in tax instalments
  • Notice of assessment/reassessment
  • Business, farm or fishing income/expenses
  • Canada Revenue Agency correspondence
  • Capital gains and losses information for stocks, bonds, real estate, etc
  • Disability Tax Credit certificate
  • First time home buyer
  • Rental income & expenses
  • Small business income & expenses
  • Commissioned employee expenses
  • Vehicle logbook
  • Volunteer firefighter’s certificate
  • Northern residents information
  • Legal expenses to collect alimony, pension or retiring allowances
  • Business investment loss information (if you invested in a company that went bankrupt)

If you have questions or are uncertain about what you need just give us a call!

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