It is easy to become overwhelmed when scrolling through online forums or flicking through the news channels these days. So much propaganda, so many choices, too many natural disasters, and way too many deals, discounts and scams!

For your viewing/reading pleasure, I present to you a few tidbits (not TimBits, although those would have the same effect) that I hope you find relevant, uplifting, educational or useful…and hopefully leave you feeling a little lighter and brighter on this, the first day of Spring.

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Super Plants – The water hyacinth has gone from destructive invasive species to global-warming warrior. You’ve got to give it to the new generation of scientists…they have an uphill battle for sure when trying to reverse the effects of overpopulation, but they are just so darned innovative.

Figuratively killing two birds with one stone, scientists have found a way to harvest the water hyacinth that is decimating ecosystems and the livelihood of fishermen in Kenya and turning them into a plastic that can help regrow forests. This amazing story fills me with hope! Super Plants – CNN January 2025

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Fraud Prevention – March is Fraud Prevention month in Canada, and while we are still hearing daily reports of victims of new schemes; we are happy to see so many awareness campaigns, television commercials, and resources becoming available.

While it can be scary, each cautionary tale reveals more tips on how to be better protected, how to spot scams, and what to do if you feel you may be a victim. Check out these resources and articles, and make sure to share them with your loved ones:

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Celebrating Canadian Tourism – Expect the Unexpected in the Kootenays – If you haven’t had the privilege to experience the Canadian West, this article is for you. I’ve been lucky enough to travel Canada coast to coast, while young with my adventurous family and again as an adult.

There really is nothing more spectacular than witnessing the Rocky Mountains burst into view after hours of staring at the breathtaking prairie landscape ever so slowly starting to ripple like ocean waves frozen in time. The long drive is worth it; just pack snacks, clothing for all climates, a great mix tape and try not to cry at the gas pumps.

No matter what type of vacation you are looking for: eco-adventure, rejuvenating spa, hard-core thrill seeking, high-class shopping, artistic inspiration, or family fun, you’ll find it out West. This article, and more from Robin Esrock’s blog, will point you towards Canadian destinations you didn’t even know were missing from your bucket list. A Snowmobile Adventure to Marmot Falls

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Jen’s ‘Not Your Gramma’s Scones’ – The world is strongly divided… Scones – a flaky, buttery treat or dry, boring brick of dough? If you have never entered a scone debate, be prepared for strong feelings on both sides! I’d like to offer here what I believe to be the TSN Turning Point for the ‘Scones are Scrumptious’ supporters (or the ‘mic-drop’ for the new generation).

One of the newest additions to our TFP team, Jen Tremblay, has been spoiling our branch office for years with the most delicious scones on the planet. I have convinced her to share this top-secret recipe, to help me in my quest to end this silly debate once and for all. If you don’t like these scones, you are an alien.

Download the recipe here: Candied Orange Scones 

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Tax Season Important Information

We know that taxes can be stressful and that many of you like to proactively get ahead of the deadlines by searching for your tax receipts, year end statements and financial reports right after the ball drops!

While we appreciate your enthusiasm, we’d like to remind you that many fund companies will not have consolidated last year’s returns, fees or distributions until well into March. Some items do get posted earlier, like Remainder of Year and First 60 Days RSP contribution receipts. However, T3s, T5s, T5008s and other documents are normally set to be generated in March.

This year, the last-minute reversal of the Trudeau government’s proposed capital gains hike may have you waiting a little bit longer than usual for some documents (see the Globe and Mail article for details about the reporting deadline changes and how they may affect you).

To provide you with some peace of mind during tax season we offer the following clarifications and suggestions:

  • Annual Investment Statements from fund companies arrive at the end of January/beginning of February. Look for embedded fee statements or capital gains/loss calculations. For example, your Assante Year End Statement will have a page with a Charges and Compensation report for fees paid to Assante on any nominee OPEN account.
  • Only fees paid on non-registered assets (OPEN accounts) can be claimed when filing your taxes.
  • Your Tax-Free Savings Account (TFSA) will NOT have any tax forms – hence the ‘tax-free’ in the name– so you can check that one off your list right away!
  • Contributions to a registered account (RSP, SPL RSP, LIRA) generate a contribution receipt (not for RESPs though).
  • T4s are generated if you receive income/withdrew money from a registered account (RSP, RIF, LRIF, SPL RSP.
  • RESP T4s are issued to the student, not the plan owner.
  • T3 and/or T5 slips report interest income in non-registered accounts (OPEN accounts). If the amount is under $50 no slip will be generated and is not necessary to report it to CRA.
  • A T5008 indicates gains or losses from the disposition of securities such as stocks and bonds.

If you fear you might miss something, we are more than happy to review your accounts and transactions and provide you with a personal list of receipts and documents that you should be on the lookout for.

We are also happy to supply copies of reports or tax slips that you have misplaced or did not receive by mail, but we do not get access to them any sooner than you do (well, maybe a day or two before you would get them in the mail!) Upon request, we can send copies to yourself, or directly to your tax specialist if you would prefer. In most cases we would do this in April, when all tax documents should have been generated (in a normal year).

Three cheers to March and the coming of spring weather and longer days, Shamrock shakes, and Earth Hour (tomorrow!)

-JULIE

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