April Newsletter
John Ridd - Apr 04, 2025
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).
Important Tax Season Reminder & Guide
For non-registered accounts, final tax related documents were sent out last week. If you require duplicate copies of any of your BMO Nesbitt Burns tax related documents sent to you or directly to your accountant, please contact our office at 905-727-5040 or Ridd.Associates@nbpcd.com. As a reminder, Canadian individual tax returns are due on April 30, 2025.
Schedule K-1 (USO)
We are fully into tax season, and in addition to our year end tax package, some of you may have also received a Schedule K-1 (also known as Form 1065). This schedule is an IRS tax form to report US partnership income. If you have US filing requirements, this schedule should be included in your US tax return. For further details on US filing requirements, please contact your US tax advisor.
If this schedule pertains to one of your registered accounts, such as a TFSA, RRSP, RRIF, LIRA or LIF, there will not be a Canadian tax filing requirement. If the schedule pertains to a non-registered account, any income or distribution would have to be reported as foreign investment income on your personal income tax return. Any gain or loss would already be included in your capital gain/loss report. If you require clarification, please feel free to contact us.
Market and Portfolio Update
We invite you to view the April 2025 market and portfolio update.
Monthly Features
2025 Wealth Planning Facts and Figures
Please see the following 2025 Wealth Planning Facts & Figures that contains a concise sheet containing this year’s contribution limits, withdrawal limits and other important information.
See 2025 Wealth Planning Facts and Figures
Checklist for completing your 2024 income tax return
As the tax filing deadline approaches, here are some reminders to help ensure you’re prepared to file your personal income tax return, and that you maximize your tax savings. It’s important that you have all required tax documents before you prepare your return, otherwise you will be required to file an amendment. In addition, you may want to have your 2023 tax return and Canada Revenue Agency (“CRA”) – and Notice of Assessment handy in case you need to refer to tax information from the previous year.
See Checklist for completing your 2024 income tax return.
Networth Newsletter
In this issue:
- Growing the good with tree planting
- Next-Gen: Understanding the value of money
- Estate planning for blended families
Read more here.
We hope you enjoyed this month's newsletter.
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Warm regards,
