 Tax Updates
Federal Government Issuer Deadline Change
In December of 2007, the Federal Government passed legislation that requires income trust and limited partnership unit issuers to report by the end of February. This is a substantial improvement for investors. The former reporting deadline was March 31. Please note, however, that the recent changes do not apply to privately-held limited partnership units. In addition, the Canada Revenue Agency does not have penalties for issuers making late disclosures, nor does it restrict issuers from amending T3s or T5013s (tax slip related to limited partnership units). In the event that any of these scenarios occur and apply to your account holdings, you could receive tax packages into mid or late April. |
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The number of T3 tax packages you will receive depends on: |
- the number of issuers with whom you hold income trusts;
- the number of releases of information by external issuers of income trusts; and
- some issuers make late disclosures or amend previously released data as late as April resulting in the possibility of new or amended T3s being mailed into mid or late April.
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Average Exchange Rates (per Bank of Canada)
In January, the Bank of Canada announced the 2007 average exchange rates. The average exchange rates for the past five years are: |
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