Frequently Asked Questions: Tax Season

1. Does RBC Direct Investing report book costs to Canada Revenue Agency (CRA) and Revenue Quebec (if applicable)?
The Canada Revenue Agency (CRA) and Revenue Quebec (if applicable) require us to report your book cost and to remove any decimals on book cost and disposition values.

2. I’m ready to file my taxes. Why are my T3s late?
Delivery of T3/RL-16 and T5013/RL-15 packages depends on when the information is provided to us by external issuers. Some external issuers (like mutual fund companies) will mail tax receipts to you directly.

Note that late disclosures and amendments by some income trusts and limited partnership units mean you may not receive some tax packages until April. You should not file your tax return until you have received all your required receipts.

3. How do I get my tax documents online?

1. Click on the Profile icon at the top right of your page  
2. Go to View & Manage Documents
3. On the “Manage Documents” tab, select the “All Electronic” button
4. Select “Continue” and provide your consent to e-delivery on the next page

Once you switch, you’ll have access a PDF archive of your tax documents, beginning with the 2018 tax season, and new ones as they become available.

4. Which tax documents are available online?
The following tax documents that are issued by RBC are available online, if you are signed up for eDocuments:

• Registered accounts: T4RSP, T4RIF, T4A, RL-1, RL-2, NR4, FHSA
• Non-registered accounts: T5, RL-3, NR4
• T3s and T5s issued by RBC Mutual Funds (*starting with 2019 tax year documents)
• Split corporations: T5 Additional, RL-3, NR4
• Limited Partnerships: T5013, RL-15
• Income Trusts: T3, RL-16, NR4

5. How can I check my preferences for paper or electronic tax documents?
Click on the Profile icon at the top right of your page. Select View & Manage Documents, then select the “Manage Documents” tab. For each RBC Direct Investing account and type of document, you will see “Paper” or “Electronic” under the corresponding drop-down menu. You can switch these preferences and select “Continue" and then "Submit" to update your preferences.

6. What is my TFSA contribution room?
The 2025 TFSA limit is $7,000.

Your TFSA contribution limit may be different from the annual limit if you have available contribution room from previous years or if you withdrew from your TFSA in the past.

To check your contribution limit, visit My Account or MyCRA on the CRA website. It’s a good idea to keep your own record of your contributions and withdrawals made in the previous year because these may not be reflected in your current-year TFSA contribution room until after the end of February. CRA charges a 1% monthly penalty on contributions over your limit.

7. What is the foreign exchange rate applied on my Summary of Securities Disposition?
The foreign exchange rate on your Summary of Securities Disposition is based on the settlement date, and is for information purposes only.

8. My Summary of Securities Disposition doesn't show my full book value. Why?
Your Summary of Security Dispositions shows the proceeds of any sale or maturity that took place in your account during the year, including the book value. Book value is not displayed for some types of transfers and deposits, including:

• External transfers from outside RBC or RBC Direct Investing where the delivering institution did not provide the book value
• Deposits of physical stock certificates
• Transfers of Limited Partnerships and compound GICs 

9. For RRSP contributions, do I get one or multiple receipts? 
You will typically receive one consolidated receipt for all contributions made in the last 10 months of 2024.

For contributions made between January 2-12, 2025, the receipts will be issued in mid-January.

For any contributions made on January 13 and onward, the receipts will be issued within 2-5 business days.

10. Why am I being charged a higher tax rate on investment income from U.S. sources?
If you’re a Canadian resident and receive income from U.S. sources, you may be subject to a 30% withholding tax on any U.S.-source income that you receive, including dividends from U.S. companies and interest income from fixed-income investments. This tax can often be reduced by completing a W-8BEN form. Read more about filing your W-8BEN, or fill out your form online by following these steps: 

1. Click on the Profile icon at the top right of your page and select Forms & Agreements
2. Select the W-8BEN & Tax Residency Self-Certification Substitute form from the “QI, FATCA and CRS Forms” drop-down 
3. Follow the steps on screen to complete and submit electronically
   
   

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.

Last Updated: December 2024