With tax season looming, being prepared is half the battle. Make sure you’re prepared to file with your portfolio manager by following our tips below! Here are three things we want you to know as you enter tax season.

  1. Refresh Your Memory on Your Portfolio Activity. At Rae Lipskie, we do everything we can to keep our clients apprised of activity in their portfolios. We’ll notify you anytime we make a transaction in your portfolio, and each quarter, we provide a report summarizing the transactions and activity in your portfolio from the previous quarter. Be sure to take advantage of the information available to you by staying informed on your portfolio’s progress. Before meeting with your portfolio manager prior to tax season, make sure you’re familiar with what occurred in your portfolio for at least the last quarter.
  2. Know Which Documentation You Need. Do you have documentation on any RESP or RRSP withdrawals you made this year? What about your charitable donation receipts or T2202A form (which covers tax-deductible tuition and education amounts)? It’s important to make sure you have all the necessary documentation for your income sources, deductions, and transferable provisions when you visit your portfolio manager. For many of our clients, minimizing tax liability is a key financial goal. No matter what, your portfolio manager needs to know absolutely everything about your financial situation so that they have all the information they need to make smart investment decisions for you.
  3. Check With Your Custodians. Are your assets housed with more than one financial institution or custodian? Make sure you have all relevant slips and tax documentation from each of the financial custodians you use. You will need each of them in order to plan your taxes.

Filing your taxes should be a breeze! Contact us at Rae Lipskie for more information on what you’ll need to send to your portfolio manager before May 2, 2017!

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