Personal tax season is just around the corner. We want to make it easier for you this year, which is why we’ve put together a refresher on what you’ll need for your investment accounts.

We’re hoping by the end of this quick video, you’ll feel prepared for the upcoming tax season. 

Every year, Qube packages together everything you will need tax-wise for your non-registered investment accounts and sends them to you and or your accountant. 

​​So, what about your registered accounts?

Well, your registered accounts, such as an RSP, TFSA, and RESP, are a lot simpler to report on. For these accounts, all we really care about is what goes in and what goes out. This information should all be available through your MyCRA account

Non-registered accounts are a lot more complex for tax purposes. You will need to report:

Dividends,

Interest,

Capital Gains,

Fees,

And Foreign Assets.

If you have a non-registered account, you will receive your tax package from Qube on April 4-6, so mark your calendars!

When you open your tax package, you will find two sets of documents: the National Bank Tax and the Qube Tax Statements.

The National Bank Tax Slips will include a T5008, T3’s, and Trading Summary. These come in standard CRA format, meaning they’re legible to accountants and not the rest of us. Which is why we also include our Qube Tax Statements.

These summary documents provide everything you will need for reporting (with one small exception), in an easy-to-read format. All values are reported in Canadian dollars, so no need to pull out your calculator for conversions.

The statements included in the package will be: 

Activity Report,

Realized Gain Loss Report,

Realized Income Report,

And Foreign Asset Report.

We will go over each of these in detail. 

When it comes down to it, everything is covered between the T3’s and the Qube Tax Statements.

What is a T3 Statement of Trust Income? Well… We often hold a few mutual funds in the account, for which the National Bank T3’s are required for any interest, dividends, or capital gains or losses received.

Next, we discuss the Qube Tax Statements.

The first one is the Activity Report. Here we break down the assets and show every transaction from last year. You will also find tax-deductible fees charged to the account. 

The fees are coded differently for National Bank and us. Qube acts as a fiduciary for you, and the fees we charge are considered a service, which is why they are tax deductible along with 

National Bank’s annual 0.05%.

Next, we come to the Realized Gain Loss Report. The figures shown in this document are the profits or losses associated with the disposition of any securities held during the reporting year. 

You will find the quantities that were sold, the average purchase price, and the price at which the securities were sold or redeemed—all in Canadian dollars. 

The Realized Income Report will show all interest payments you’ve received from your fixed-income holdings or bonds. It will also detail any dividends received from your equity holdings during the year—again, all in Canadian dollars. 

Lastly, you will find the Foreign Asset Report. If the cost base of your foreign assets exceeded $100,000 Canadian, this must be reported to the CRA in form T1135. If working off your regular account statements, it can be nearly impossible to put together all the information that CRA requires. Thankfully, this report does that for you! 

Tax season can be a confusing time. That’s why we’re here to help. Watch for our email. And, should you need any assistance when it comes to these documents, please don’t hesitate to reach out to our team.

Personal tax season is just around the corner. We want to make it easier for you this year, which is why we’ve put together a refresher on what you’ll need for your investment accounts.

We’re hoping by the end of this quick video, you’ll feel prepared for the upcoming tax season. 

Every year, Qube packages together everything you will need tax-wise for your non-registered investment accounts and sends them to you and or your accountant. 

​​So, what about your registered accounts?

Well, your registered accounts, such as an RSP, TFSA, and RESP, are a lot simpler to report on. For these accounts, all we really care about is what goes in and what goes out. This information should all be available through your MyCRA account

Non-registered accounts are a lot more complex for tax purposes. You will need to report:

Dividends,

Interest,

Capital Gains,

Fees,

And Foreign Assets.

If you have a non-registered account, you will receive your tax package from Qube on April 4-6, so mark your calendars!

When you open your tax package, you will find two sets of documents: the National Bank Tax and the Qube Tax Statements.

The National Bank Tax Slips will include a T5008, T3’s, and Trading Summary. These come in standard CRA format, meaning they’re legible to accountants and not the rest of us. Which is why we also include our Qube Tax Statements.

These summary documents provide everything you will need for reporting (with one small exception), in an easy-to-read format. All values are reported in Canadian dollars, so no need to pull out your calculator for conversions.

The statements included in the package will be: 

Activity Report,

Realized Gain Loss Report,

Realized Income Report,

And Foreign Asset Report.

We will go over each of these in detail. 

When it comes down to it, everything is covered between the T3’s and the Qube Tax Statements.

What is a T3 Statement of Trust Income? Well… We often hold a few mutual funds in the account, for which the National Bank T3’s are required for any interest, dividends, or capital gains or losses received.

Next, we discuss the Qube Tax Statements.

The first one is the Activity Report. Here we break down the assets and show every transaction from last year. You will also find tax-deductible fees charged to the account. 

The fees are coded differently for National Bank and us. Qube acts as a fiduciary for you, and the fees we charge are considered a service, which is why they are tax deductible along with 

National Bank’s annual 0.05%.

Next, we come to the Realized Gain Loss Report. The figures shown in this document are the profits or losses associated with the disposition of any securities held during the reporting year. 

You will find the quantities that were sold, the average purchase price, and the price at which the securities were sold or redeemed—all in Canadian dollars. 

The Realized Income Report will show all interest payments you’ve received from your fixed-income holdings or bonds. It will also detail any dividends received from your equity holdings during the year—again, all in Canadian dollars. 

Lastly, you will find the Foreign Asset Report. If the cost base of your foreign assets exceeded $100,000 Canadian, this must be reported to the CRA in form T1135. If working off your regular account statements, it can be nearly impossible to put together all the information that CRA requires. Thankfully, this report does that for you! 

Tax season can be a confusing time. That’s why we’re here to help. Watch for our email. And, should you need any assistance when it comes to these documents, please don’t hesitate to reach out to our team.