Tax Tips

Michael Asadoorian - Mar 14, 2025

Ah, tax season—the time of year when paperwork mysteriously multiplies, coffee consumption skyrockets, and people start wondering if they really need to report that $12.47 in interest income. (Spoiler: You do.)

But before you rush to file your taxes in March and celebrate being done early, here’s an important tip: Don’t file too soon! If you have investments, waiting until early April can save you from headaches, corrections, and dreaded reassessments. Let’s break it down.

Know Your Slips: What to Expect

Your tax return is only as accurate as the slips you receive, and investment income can be complicated. Here’s what you should be looking for:

  • RRSP Contributions – No surprises here: you’ll get an RRSP contribution receipt for anything added between March 2024 and February 2025.
  • TFSA Contributions – Nothing to report! TFSA earnings and withdrawals don’t trigger tax slips. (One less thing to worry about.)
  • Retirement Income (T4RIF) – If you withdrew from a RRIF or LIF, expect a T4RIF slip to report that income.
  • Non-Registered Investments – These require a little more attention:
    • T5008 – If you sold any investments, this slip shows the proceeds. (It does not calculate your gain or loss—that’s on you or your accountant) VERY IMPORTANT - if your book value on your slips is empty, please contact us!
    • T3 or T5 – Investment income from funds or dividends? You’ll get a T3 (trust income) or T5 (interest/dividends). These often arrive late, which is why patience is key!
    • Management Fees - if your non-registered account is set up as a fee-based account, you may be able to deduct those fees from your gains. You can find these fees on your December statement or you can ask us for a report and we'll email it to you.

Why Filing Too Early Can Backfire

Here’s the thing: Investment slips can be corrected or issued late. If you file in March and later receive an updated T3 or T5, you’ll be stuck filing an adjustment—extra paperwork, extra stress, and possibly extra taxes. Nobody wants that.

So, grab a coffee, organize your slips, and set a reminder to file in early April. Your future self will thank you.

“The hardest thing in the world to understand is income tax.” — Albert Einstein

(See? Even geniuses struggled with this stuff.)