March Newsletter
Megan Lisowski - Mar 01, 2024
March Newsletter
At anytime, if you would like to speak with us, please do not hesitate to reach us directly by phone 905-727-5040 or Ridd.Associates@nbpcd.com. We would also be happy to meet with you in person (either in-person, via video or telephone).
Tax Filing and Payment Deadlines for Individuals
If you owe income tax to the Canada Revenue Agency (“CRA”), your tax return and any balance owing must be submitted by the April 30, 2024 deadline, to avoid late-filing penalties and interest charges. For self-employed individuals, the income tax filing deadline is June 17, 2024; however, any balance owing must be paid by April 30, 2024 to avoid late-filing penalties and interest charges.
Market and Portfolio Update
It may have been Leap Day yesterday on the 29th of February, but for the markets and our portfolios it was more like “Leap Month” and sees us well into the Green Zone mid to longer term.
As of writing the US stock markets are at or just shy of their all-time highs. The S&P500 (SPY ETF) is up 6.89% and the tech loaded Nasdaq (QQQ ETF) is up 7.2% year to date. The broader index of the DOW (DIA ETF) is up at 3.47% and the Canadian market is lagging at 2.31%. The performance of both the DOW and the TSX reflect the reduced exposure to technology and specifically the so called Magnificent Seven, which includes Apple, Microsoft, Amazon, Alphabet (Google), Tesla, Nvidia and Meta Platforms.
Monthly Features
Tax Planning for Business Owners – The Capital Gains Deduction
For 2023, business owners can use the Capital Gains Deduction to shelter up to $971,190 of capital gains on the sale of shares of a qualifying small business corporation. Due to the potential tax savings from accessing this deduction, it represents one of the most compelling tax planning opportunities for Canadian business owner. As the rules are complex, only a general discussion is provided here. As with all tax planning, professional advice is critical to understanding the specific implications in your situation.
Tax Document Mailing Schedule
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Depending on your investment holdings and account activity, you could receive a variety of tax slips that you’ll need to prepare your annual tax return. For a brief overview of the various tax slips and supporting documents you may receive from BMO, along with their expected availability dates, refer to our publication, 2023 Tax Documents Overview and Schedule.
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Please make sure that you receive all required tax slips before filing your tax return with the Canada Revenue Agency to prevent having to file an amendment. If you are unsure if you have all of the documents required relating to your BMO Nesbitt Burns accounts, please do not hesitate to call us to confirm.
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Please note: Depending on your document delivery preference, your tax documents will be posted on BMO Nesbitt Burns Gateway® and/or placed in the mail as soon as they are available. If you’re not already registered to access your tax slips exclusively online, please contact us, or register directly via the Gateway sign-in page.
We hope you enjoyed this month's newsletter.
If at anytime you would like to meet with us, please contact us by phone at 905-727-5040 or Ridd.Associates@nbpcd.com. We would be happy to setup an in-person meeting, phone meeting or virtual meeting at a time that is convenient for you. We look forward to reviewing your portfolio and wealth plan as well as answering any questions you may have.
If you know someone who can benefit from what you have learned today, please feel free to forward this newsletter to them.
Warm regards,
