Important deadlines for 2021
RRSP contribution deadline
The final date for your RRSP contributions to be eligible for the 2020 tax year. Refer to your Notice of Assessment (NOA) or access My Account information on the Canada Revenue Agency (CRA) website for your total RRSP contribution limit for the 2020 tax year.
Tax filing deadline for individuals
The deadline to file your 2020 personal income tax return is April 30, 2021, unless you're self‑employed. However, the CRA encourages individuals who expect to receive benefits under the GST Credit or the Canada Child Benefit not to delay the filing of their tax return to ensure their entitlements for the 2021-22 benefit year are properly determined.
Tax filing deadline for self-employed individuals
The deadline to file your 2020 taxes is June 15, 2021 if you're self‑employed.
An approximate timeline of when you can expect tax documents from IG Wealth Management
RRSP contribution receipt
A statement of all RRSP contributions you made between March and December 2020.
Tax slips for individual and corporate accounts (T3, T5, T4A, T5008)
These slips will be issued if you have earned any interest, dividends or capital gains in a Personal, Joint or Business account, depending on the investments you hold in those accounts.
Note: For any of your holdings in external mutual funds, any T3 or T5 slips will be issued directly to you by the external mutual fund company depending on the timeline determined by the issuer.
RRSP, Spousal RRSP, RIF, Spousal RIF, LIF (T4RSP/T4RIF slips)
These slips confirm the amounts that have been withdrawn from these accounts and have been reported to the CRA.
RRSP contribution receipt, first 60 days of 2021
This receipt confirms all RRSP contributions made during the first 60 days of 2021
Tax slips for equity securities (T3, T5)
These slips will be issued if you have earned any interest, dividends or capital gains from securities held in a Personal, Joint or Business account.
2021 TFSA limit: $6,000
2020 RRSP limit: 18% of income, to a maximum of $27,230
2021 RRSP limit: 18% of income, to a maximum of $27,830
We have been moving all IG Wealth Management accounts to a new digital platform to enable us to expand our service offering and online access to you.
As a result, if your account was moved to the new digital platform in 2020, you will have received two statements confirming the following: a final closing-out statement from your old account, and a new statement with your new account number and up-to-date balance at year-end. It’s important that you keep both of these statements, which will help with your tax reporting, as explained below.
If you currently hold our iProfile Private Portfolios or Series U funds, the advisory fee for your non-registered accounts may be deductible when calculating your taxable income.
As mentioned above, it is recommended that you keep both statements, as together they will provide the total amount of advisory fees that you may be able to deduct for tax purposes. Please consult your tax advisor for more information.
Depending on the activity within your account(s) last year, you may need to report on your new and old account. Therefore, you may receive more than one tax receipt.
These are not duplicate receipts and may look different from past receipts depending on the account for which they are issued. Please ensure you report all issued tax receipts on your income tax.
CAPITAL GAINS TAX SLIP (T5008)
If you made a transaction on both your old and new account in 2020 that triggered a capital gain (or loss), you will receive a separate T5008 slip for each in the mail in February, consistent with the timing of other tax slips. In the past, this may have been included on your statement. Please use this slip when preparing your income tax return.