In this issue:
Family Confab—A Calling to Wealthness
Family Confab Free Seminar
Tax Season 2015 Preparation
Update on US Estate Tax Exposure for Canadians

The month of September is synonymous with “back to school” and March is synonymous with “back to your accountant.” We will start “Tax Season” on Monday, March 16th. You’ll find preparation tips under “Tax Season 2015” below.

Our internal staffing has continued to shift around as we seek to build for the future. In February, we announced the hiring of Hunter LeBlanc, CPA CMA BBA. He will be moving from Kelowna to join us on March 15th. Hunter is a new graduate in the profession and was the Class Gold Medalist and Valedictorian. He and Don met at the graduation ceremonies, during which Don received his Life Member recogni- tion. Hunter will work on both sides of the office, also providing Gary with assis- tance in Trivest matters.

The semi-retired Joan McCance will return from a ski adventure in Japan to assist us with Tax Season. The semi-but-not-quite-but-almost-there-whatisretirementlike? Diane Lefeaux will help us through tax season in a very limited and specific role. Errin assumes responsibility for our death and trust work.

If you haven’t visited us since last Tax Season, you will see our new office premise adjacent to the existing one. It has its own entrance, which you may find more con- venient coming from the parking lot.

Our majorly-revamped website is now one year old. We have added a blog which will be updated regularly with information you might find useful.

We enclose complimentary dining coupons from our neighbor, Salmon House on the Hill. We still have 2015 pocket calendars.

Family Confab: The Multigenerational Exploration of Wealthness

Free seminar for clients and guests-Saturday, March 28th 10am –1 pm
Following up the theme of our Winter newsletter, we will be presenting a seminar entitled Family Confab: The multigenerational exploration of wealthness” at a location in West Vancouver. This is the seminal course in the multi- module program inspiring a healthy and successful approach to the custodianship of money across Family generations.

Call or email us by March 20th to reserve a seat and receive more details.

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Tax Season 2015

We commence tax season this year on March 16th. Remember that the critical filing deadlines are March 31st for trust returns, April 15th for US returns and April 30th for Canadian returns. We will be requesting an interim payment of $75 per return, which will be credited on your final bill in early May. This checklist will help you get organized to have your returns done accurately and economically.

Bring:

  • all copies of your slips: don’t separate the duplicate copies
  • all medical and donation receipts, including travel medical premiums
  • Medical receipts which relate to discretionary appearance enhancements are no longer deductible, since March 2010
  • last year’s assessment notice
  • the backing sheet which came with the T5 from your broker
  • the confidentiality authorization from your broker (if not already on file)
  • the final instalment notice for the year from the tax department
  • the purchase cost information of any stocks or bonds sold outside your RRSP/RRIF
  • annual mutual fund statements for funds held outside your RRSP/RRIF
  • receipts for qualified commuter, arts and child fitness expenses
  • annual trading summary and brokerage statements for the entire year for non-RRSP accounts
  • a list of any foreign assets which may require reporting under the revised Foreign Asset verification rules ( see our website article)

Remember:

  • watch for T3 slips from trust units/mutual funds which may arrive throughout March and April
  • phone us immediately if something arrives late
  • make your March 15 tax installment
  • doing a draft return usually doesn’t help us and takes extra time to reconcile
  • file for reimbursement of medical costs under Pharmacare or your extended health plan
  • If you are a Trivest client, we are able to download directly all of your brokerage slips

We remind you that we now accept electronic payment via Interac E-Transfer. Also, we will be asking many of you to sign on to our secure Portal site technology to facilitate document and data transfers between us.

Update on US Estate Tax Exposure for Canadians

In our Foresight Summer 2014 issue we wrote in detail about US Estate Tax and how it applies to Canadians owning certain US assets (this article now resides on our website). In brief, Canadians may be subject to US estate tax if they own US assets such as real estate and shares in US corporations.

As promised, we have developed an interactive spreadsheet to estimate potential US Estate Tax liability. If you think that you may be exposed, and would like an estimate of your potential exposure, please contact us. We can determine whether you indeed may be subject to US estate tax, and then recommend strategies to reduce or eliminate that exposure.