CommonWealth Financial Equity Associates Inc.

11/11/2024

01/04/2018

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CommonWealth Financial-Equity Associates Inc.

09/11/2017

On Thursday morning, September 14th - Team CommonWealth will be volunteering at Amy's Restaurant, Strathroy for the 9 to 11 a.m. Shift - It is the Busting Out Breakfast from 7:00 a.m. To 2:00 p.m. Full breakfast is $5.00 per person, with all proceeds going to the breast assessment program at Strathroy Hospital. Hope you can make it anytime for breakfast ... and if possible, come between 9 to 11 when it's our shift to volunteer. Thanks again to Amy's restaurant for her ongoing support for our community.
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06/13/2017

Capson Electric and CommonWealth Financial Team at the Chamber of Commerce Golf Tournament. We should have won the award for "Team that had the BEST Time Award".

11/07/2016

11/03/2016

Looking forward to our Canada 150 celebrations & reminded of Bobby Gimby's Canada Song ... I still sing this sometimes while driving down the road (with my windows up) ... What are your plans for Canada 150? Personally, I plan to visit each of the provinces & territories; For our business, we will focus on some of our great Canadian Funds & managers; and from a charitable aspect, tonight (only) I will be asking clients in attendance of our Gala event to provide me with a charity that they will donate $150 to & on July 1st, 2017 - I will match their $150 with a donation to their chosen charity. Together, we will raise over $45,000 for charity. So ... what are your plans to celebrate Canada 150? Would love to hear from you! Are you humming the Canada Song by Bobby Gimby? I am!

Expo 67 - Canada's Centennial celebration song: C-A-N-A-D-A. Lester B. Pearson was the PM, Pierre Trudeau was Minister of Justice.

03/05/2016

I was talking to another tax preparation service in Strathroy. They indicated that the automatic populating of slips from the CRA website is not working well. If anyone else has used this service, let me know what your thoughts are. Thanks. Marilyn

03/05/2016

URGENT: If you have made a redemption from a non registered investment during 2015 - this may affect you. T5008's are used for a disposition of a non-registered investment. This is the first year that CRA has posted the T5008 slips on their website. So far ... so good. However ... here is my concern. The T5008 slips show the proceeds or settlement amounts Box 21. Fidelity, EdgePoint & Invesco are showing Box 20 which is your cost or book value. As I checked the following - it appears that C.I. (Canadian International), TD, RBC, BMO & likely others are NOT showing the Box 20 cost or book value. ... Fidelity, EdgePoint & Invesco have printed the T5008 & they are included in the client year-end mailing. C.I. has chosen to not print the T5008 information. You have to look at the year-end statement for details. Fortunately, C.I. does show the cost or book value on their year-end statements. Redemptions of capital investments are to be reported on T5008 / Schedule 3. CRA has the information that you made the redemption. They will be cross referencing later in the year. It is your right to enter the Box 20 cost or book value & only pay taxes on 50% of your gain (or deduct your loss). If you or your preparer do not enter the T5008 information correctly, you could be paying considerably more tax - or be subject to audit & proving your cost base later in the year. Year-end statements provide valuable information. If you have a brokerage account, a mutual fund account or any other type of capital asset & you have made a redemption during the taxation year - take your year-end statement to your tax-preparer. CommonWealth Financial Tax Service is exclusive to our mutual fund investment clients only. If you have any questions about T5008 reporting, please contact 519-245-4700 to talk to Marilyn Buttery.
One more issue with T5008 reporting - the default on many tax programs is "Bearer debt obligations" - if this is how it is coded, it means your entry will be fully taxed. For mutual fund & stock dispositions, this should be changed to "shares and other securities" to provide you with the preferred taxation of capital gains.
This is a long post about a very important subject ... not paying more taxes than you owe!!!
Marilyn

02/22/2016

Reminder that Monday, February 29th 2016 is the final day for adding to your RRSP for your 2015 tax filing. Our office will be open on Monday February 29th 2016 until 4:30 p.m.