2017 RSP Contribution Deadline

It’s that time of year to think about the upcoming RSP contribution deadline. The RSP deadline for the 2017 tax year is March 1^st, 2018. You can contribute up to 18% of your 2016 earned income to a maximum of $26,010 (less any pension adjustment from your 2016 T4 tax slip).  We recommended that you review your Notice of Assessment to confirm your RSP contribution room. You can also review your RSP contribution room by logging into the CRA portal found here. 

You can make a contribution to your RBC Dominion Securities RSP account through the following methods:

• Transfer funds from your RBC bank account through DS Online
• Transfer funds from your bank account via online bill payments
• Deliver a cheque to our office
• Transfer funds from your non registered Dominion Securities account

If you require any assistance processing a RSP contribution, please contact our office and a team member will be more than happy to assist.

2017 Personal Income Tax Filing Deadline and pertinent information

With the 2017 personal income tax return filing deadline approaching on May 1^st 2018, we would like to provide some important information:

• For Registered accounts, all T4RIF, T4RSP, NR4 and T4A slips were mailed on February 13^th.
• RSP Contribution receipts for any contributions made from Mar 2^nd, 2017 to Dec 31^st, 2017 were mailed on January 9^th . Thereafter the contribution slips will be sent weekly for any contribution made in the first 60 days of 2018.
• For Non-Registered accounts, the T5 Tax Package will be mailed the week of the February 19^th. We would like to remind you that it is very important to wait to receive all of your tax slips before filing your T1. The deadline for companies to issue tax slips is March 31^st. For non-registered accounts, please review the last page of your T5 Tax Package for a list of additional slips you may be receiving beyond what is included in your RBC tax package.
• The Canada Revenue Agency (CRA) requires Canadian residents holding specified foreign property, totaling over $100,000 (CAD), during a calendar or fiscal year end, to report this information to the CRA using form T1135 & the Foreign Income Verification Statement. Our office produces a report to assist with this filing requirement. Please contact our team if you would like a T1135 report or are unsure if this applies to you.

If you believe you are missing any information or have questions about tax reporting documents, please contact us.  Karen will be coordinating our client's and accountant's tax queries and can be reached at karen.matos@rbc.com or call at 905.312.2903.

For further information please review our Client Guide to 2017 Tax Reporting.

Thank you

Hayes Vickers Private Wealth