Are you ready to file your 2013 Personal Tax Return here in Canada. Are you chomping at the bit to get your refund? Before you push forward and get that return in, have you checked to make sure that you have received all the tax slips you should be getting?
Are you sure?
In my world, I found that the best way to ensure my clients – and myself – have received all our required slips is by preparing a spreadsheet of what slips I received the previous year – identifying which member of the family it belonged to, when it was received and then stapling that list to the box of file folder that I use to house all potential tax-related materials for the year. At tax time, it’s an easy checklist to make sure all is in order and that I am not filing without all my paperwork.
Not that there is a huge problem with doing it this way, the Canada Revenue Agency (CRA) does receive copies of all the slips you receive and they use their copies to re-assess you if you do not amend your return, but there is that opportunity for things to get delayed, and next thing you know it, you have a balance owing to the CRA and they are charging you penalty and interest. It can easily escalate from there!
As well, for 4-years I was the Tax Manager for Computershare Trust Company of Canada / Computershare Investor Services and was responsible for the preparation, filing and submission of tax slips to the millions of investors Computershare kept track of, so I understand more than anyone the importance of getting slips out to the holders on time, and accurately, and then to the government on time and without penalty.
So here is a copy of my list of slips, their mailing date from the provider.
RRSP – If you were one of the many who used the March 1st, 2014 deadline to make your contribution for 2013, then you would be receiving that slips beginning March 15th. All other RRSP contributions which were made prior to the 60-day extended period saw their tax slips mailed beginning at the turn of the calendar. They are T4RSP slips and RL2’s for residents of Quebec.
T5 / RL3 and NR4’s begin to get mailed January 17th.
T4RIF / RL2 withdrawals from a RRIF, are mailed the 3rd week of February.
T5/RL3 for investment interest income coming from a mutual fund are mailed the 3rd week of February.
T3 / RL16 reporting dividend income from mutual funds are mailed by the 3rd week of February.
Receipt of contribution from an estate rolling over funds to a spouse produce a T4RSP / T4RIF / RL2 – issued for receipt of contributions from an estate rolling over funds to a spouse – sent out the first week in February
T4A / RL1 are issued for RESP withdrawals and are produced and mailed the first week in February.
NR4’s showing income for non-residents of Canada are mailed the 3rd week in February.
If during the year you received Employment Insurance (EI), Old Age Security (OAS) or Canada Pension Plan (CPP) payments, you can follow this 3-step process to make sure everything is in order and get your tax slips online directly from Service Canada;
Hope this helps!
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