With April just around the corner (spring is coming, we swear!), I thought it was timely to send out a guide highlighting important details and dates to make sure the process runs smoothly for you and your accountants. Of course, the last thing you want is to miss the deadline to file your taxes.

 

First things first: don’t forget these important dates!

 

March 02, 2020 – last day for 2019 RRSP contributions

April 30, 2020 – last day to file your 2019 tax return without penalty

June 15, 2020 – last day to file your 2019 tax return without penalty if you are self-employed

 

Don’t forget your T5 tax package

 

The T5 tax package records the total interest, dividends, and certain foreign income from your investments. The T5 slip prepared by RBC Dominion Securities is issued to you (the taxpayer) and to the Canada Revenue Agency (CRA). You use this statement to report any investment income you have on your tax return.

 

When you will receive your tax slips

 

Your tax slips are prepared by your employer, payer, or administrator. You should receive most of your slips and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March.

 

For RBC clients, tax slips will be mailed out in time for tax deadlines. If you have signed up for DS Online and have access to eTax slips, you will receive your slips a few business days earlier than the paper copies. To access your tax slips online simply login to your DS Online profile at www.rbcds.com —if you need access, please contact Natasa at 204-982-3961. Tax slips issued by other issuers outside of RBC will continue to be sent by regular mail.

 

Sending tax slips directly to your accountant

 

An excellent way to save you work, as well as lower the risk that something gets missed is to designate your accountant an interested party. Doing this allows them to receive your monthly statements, trade confirmations, and tax slips at the same time that we send them to you. Your accountant will then have all your information directly and avoid any delays in receiving your tax information. Let us know: we will gladly set it up. Interested parties can be changed or removed at any time.

 

Importantly for clients holding US securities of any kind, T1135 reporting can be generated in our office and given to your accountant directly, potentially saving them substantial processing time.

 

For more info, download our tax guide below.