About Filing Taxes for 2023
Hello, I hope all is well with you as we welcome more daylight and sunshine in the days ahead.
To help you prepare for tax season in the most efficient way, here are a few things to do:
1. Set up your Online Access if you haven’t already. It is essential that you set up your Online Access so that we can securely send you tax information. We are no longer allowed to email any confidential information.
- For how to set up Online Access, Click Here
Alternatively, you can use your Box folder to receive your tax documents. If you prefer to use Box, please let us know and we will upload your documents to your folder
- For how to set up Box App, Click Here
2. Please do not file taxes prior to April 1st: Updates or amendments to slips can still be done until March 31st, however, please go ahead and send your information to your accountants for preparation in the meantime.
3. TAX REPORTS: If you have Non-Registered Accounts the following tax reports will be uploaded to your Online Access on Friday, March 10th, 2023.
● Realized Capital Gains Loss Reports
● Fee Report: Management Fees & HST
● Foreign Property Report
4. TAX SLIPS: Your tax slips generated by National Bank Financial are available to you either online or they will be mailed to you. The method available - online or mailed - is determined by the selection you made when you set up your online access.
Please Note: Your selected method to receive your tax slips cannot be changed until after this tax season.
You will receive the following:
T5 and T3 slips
Investment income summary
T5008
Those with registered accounts will receive either:
Contribution receipt for contributions
T4’s for RRSP, RRIF or LIF withdrawals
Click here for the Schedule of Mailing Periods - a 3 page guide on what will be mailed and posted online, and their target dates.
5. To have us Send Information Directly to your Accountant: To send information to your accountant on your behalf, complete this form which gives us the authorization to do so, and send it back to us, please.
Upon Request:
● This form please can be completed Electronically if you wish – please give us a call for assistance with this.
● If you need a referral to an accountant, please get in touch and we’ll be glad to help you.
6. If you are filing your own taxes: Here is the complete guide for the 2023 Tax year that you might find helpful: National Bank’s 2023 Tax Guide
Important Update: New Trust Reporting Rules by CRA
As of the end of 2023, the Canada Revenue Agency has implemented new reporting regulations for trusts, specifically targeting "bare trusts" and accounts under Joint Tenants with Right of Survivorship (JTWROS). Due to legal restrictions, we cannot offer tax advice directly. We strongly encourage you to review these changes and assess their impact on your situation with a tax professional.
For detailed information on these new rules and to understand their potential implications for your financial arrangements, please visit the CRA's official announcement here.
Should you have any concerns or believe these changes affect you, consulting with your tax specialist is crucial. They can provide personalized advice based on your specific circumstances and ensure your compliance with the new regulations.
If you have any questions, please contact Jordan Dickson for assistance at Jordan.Dickson@nbc.ca or by phone at 905 433-0215.