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Tax-Time Toolkit for Investors
Written by The Inspired Investor Team | Published on January 19, 2022
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Last Updated: January 2023
Turning the page on a new year means we're that much closer to tax-filing time. As you get organized for the 2022 tax year, we've pulled together some of our top tax-related resources here for you to keep on hand.
Investment & Tax Season Centre
The Investment & Tax Season Centre is your one-stop shop for important filing deadlines, contribution receipt availability dates, access to forms and more. The Centre is part of our Investing Academy, where you'll find answers to many of your investing questions. Plus, you can explore the Client Guide to Tax Reporting, in which you'll find detailed information about T5/RL-3 tax packages, foreign-currency tax slips and more.
Tax-Time Checklist
Here's a handy checklist of what you'll need to gather to do your taxes, including tax slips, income statements and other records.
Find RBC Tax Documents Online
RBC Direct Investing clients can receive account statements, tax documents, trade confirmations and required offering documents electronically. For tax documents specifically, including how to verify if you are signed up for electronic delivery of your tax documents, check out How to Access Your RBC Tax Documents Online.
Tax Slips for TFSAs?
In most cases, you won't receive one for your Tax-Free Savings Account (TFSA). Find out more in Should I Expect a Tax Slip for My TFSA?
What is a W-8BEN?
A W-8BEN form is a tax document used to certify that your country of residence for tax purposes is outside of the United States. It is required because of an intergovernmental agreement between Canada and the U.S. which obligates Canadian Financial Institutions to provide this information. If you are a certified resident of Canada, a W-8BEN form allows you to make a claim (a tax treaty benefit) for a reduction on the tax withheld from U.S. income you may receive in your account. This covers dividends from U.S. companies or interest income from U.S. fixed-income investments.
It's a material benefit because the withholding tax is normally 30 per cent. With a current W-8BEN in place, you may qualify for the reduced rate of 15 per cent tax on dividends, or zero tax on interest.
Find out more in What is a W-8BEN Form and Why Does It Matter?
Pop Quiz Time!
Just for fun, take our quiz to help you gauge how prepared you are for tax time.
The information provided in this article is for general purposes only and does not constitute personal financial advice. Please consult with your own professional advisor to discuss your specific financial and tax needs.
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