2019 Year-end Tax Tips

2019 Year-end Tax Tips

DLD Quarterly Money Thoughts (Dec 2019) includes: 2019 Year-end Tax Tips, 2020 TFSA Limit Announced, DLD in the Community and Updated Client Portal – “Investment Summary”

See the “2019 Year End Tax Tips” article below for some great tips on the following:

  • Investors
  • Families with students
  • Family members with disabilities
  • Charitable donors
  • Individuals with changes to tax rates
  • Incorporated business owners.

Please contact us if you have any questions about the above.

Source:  Jamie Golombek, CPA, CA, CFP, CLU, TEP is Managing Director, Tax & Estate Planning with CIBC Financial Planning and Advice in Toronto

Reminder of Tax Deductions

2020 TFSA Contribution Limit

f you haven’t already heard, the 2020 TFSA contribution limit remains at $6000. For those of you who have not maximized your contributions throughout the years, here is a summary of the limits each year:

TFSA annual dollar limits by year

  • For 2009, 2010, 2011 and 2012: $5,000
  • For 2013 and 2014: $5,500
  • For 2015: $10,000
  • For 2016, 2017, and 2018: $5,500
  • For 2019 and 2020:  $6,000

It’s important to understand how the limits are calculated when you contribute and withdraw to avoid the 1% per month over contribution penalty. Please contact us if you’re unclear about the rules and we’d be happy to connect with you or put it as an agenda item for your next review meeting.

Source: advisor.ca

DLD in the Community

Ryan participated in the annual Hockey Helps the Homeless

Ryan participated in the annual Hockey Helps the Homeless Charity Tournament and rumour has it that he had some skilled teammates. Over $600,000 was raised for this worthy cause.

Kelly’s Kiwanis Club of Vancouver

Kelly’s Kiwanis Club of Vancouver had a successful Centennial Celebration in November and in celebration of this milestone, in partnership with BC Housing, her club is funding a multi-purpose playspace near McLean Park slated for completion by the end of 2019. Here is the progress of the construction. There will be a grand opening celebration in spring 2020.

SHRED FOUNDATION
In the spirit of the holiday season, Dave’s SHRED Foundation is putting together a hamper for a family in need. They are collecting non-perishable food donations and clean/used winter coats for the Harvest Project as a way of giving back to a great
local charity during the holidays.

For those of you who are unfamiliar, The goal of SHRED is to provide financial support for local amateur up-and-coming mountain bikers so that they can more easily achieve their goals. The annual recipient will need to show athletic fortitude, community involvement, and financial need. The recipient will be selected from a list of recommendations from individuals in the industry.

Quadrus Investment Services

Updated Client Portal: Investment Summary 

Quadrus Investment Services will send existing Investment Summary client view users (individual and joint clients) an email with a link to register for the new site on Dec. 11, 2019. The registration link is valid for 7 days, and you will need the last 3 digits of your social insurance number to sign up. If you don’t activate your account within 7 days, Quadrus will send you a new link at the next registration

The email from Quadrus will look as follows:

Thanks for using Quadrus Investment Services Ltd. We’ve updated our client website Investment Summary. With the latest mobile-friendly version, you can update your contact information, reset your password and switch to paperless statements. Verify your email and register now [insert link] To register, you’ll need the last 3 digits of your social insurance number (or your Quadrus Client ID number for corporate accounts). You’ll need to set up security questions, create a new username and password. This link is valid for 7 days. If you don’t get a chance to register before the link expires, don’t worry – we’ll send you another registration link at the next opportunity. Once you’ve finished, please update your bookmarks. For information about Internet security and privacy, see quadrusinvestmentservices.com/privacy. Please do not reply to this message, as this inbox is not monitored. If you have questions or need help, contact your investment representative or the Client Service Centre at 1-888-532 3322.

On behalf of all of us here at
DLD Financial Group Ltd,
we wish you a wonderful holiday season with your loved ones
and all the best for a fantastic 2020.
Thank you!

E&OE