The last few days could almost make us believe winter is soon over and, with the days getting longer, it’s easy to imagine summer warmth is just around the corner.
For me, it's also remarkable to realize we'll soon cross the one-year anniversary of a global pandemic that took most of us by surprise. As vaccine rollouts continue to progress and evolve, we can all hope for a year to come where the challenges and restrictions are eased and gatherings, get-togethers and just going for groceries are not so challenging to manage.
Tax time is soon upon us and many of you have already taken advantage of topping-up your RSP contribution for 2020 (the deadline is Monday, March 1st). If you haven’t, and would like to talk about your options give us a call in the next few days.
Making an RSP deduction this year is even more important if you received the CERB income supplement from the federal government during the pandemic as this benefit was not taxed at source.
Additionally, if the pandemic meant you worked from home in 2020, you should soon be receiving Form T2202(S) from your employer. This allows you to deduct a portion of your home office expenses against your employment income. You can use this form, or you can opt to take advantage of the $400 tax deduction available that doesn't require calculating exact costs and having receipts to confirm your expenses.
As always, we’re here to help in whatever way we can with your financial goals and investment strategies, please don’t hesitate to reach out if you’d like to have a conversation. In the meantime, stay safe and connected in the best way you can. Please let us know if you would like to chat about either of the above items or if you have any other questions or concerns financially.
Patricia Bell, PFP
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