Its tax time. What you can expect

We refer clients to Nicola Wealth for Private Wealth Management because of their track record of excellence and performance with portfolio management.

Below is a communique I received from them today on my portfolio and I wanted to share it with you.

If you aren’t getting this level of service and expertise, please let us know and we will refer you to one of their specialists.



In the coming months, you and/or your accountant will be preparing to file your corporate and/or trust tax return(s) and we’re here to help.

Please watch our brief webinar below on how to effectively read your Fiscal Reports and complete your tax filing. 

WATCH – Webinar: Fiscal Reports and Tax Filing


  • The deadline to file your trust tax return is March 31, 2021
  • The deadline to file your corporate tax return is six months after your tax year-end.

For further information, important deadlines and filing dates, have a look at our 2020 Tax Reporting Guide and  2020 Tax FAQ.

While CRA rules indicate that you must file your corporate tax return no later than six months after the end of each tax year, they impose a “balance due date” (when you have to pay your final year-end taxes) two or three months after year-end depending on criteria applicable to your corporation (see CRA’s website for criteria). Be sure to consult with your accountant to confirm your own corporate tax deadline.


Your Nicola Wealth Fiscal Reports will be uploaded to our Nicola Wealth Private Client Access Website and you will be notified via email once they are available. Your accountant will have access to these documents through their own online portal.

If you are currently not set up for online access or are experiencing problems with signing in, please reach out to the Nicola Wealth Client Services Team at


We aim to distribute these reports pertaining to your corporate and/or trust account(s) in the latter half of January. Our comprehensive Fiscal Reports tax package will summarize realized capital gains/losses and allocated income in your non‐registered account(s).

Foreign asset reporting (Form T1135 or 8938/FBAR report), if applicable, will also be included in the package. Important, please note, Nicola Wealth Pooled Funds and Limited Partnerships are not considered “Specified Foreign Property” as defined by the Canada Revenue Agency (CRA) and therefore do not need to be included on Form T1135.

Note: The T5008 (Statement of Securities Transactions) tax slip is prepared by the custodian and may not provide accurate book values. Your Nicola Wealth Fiscal Reports accurately track the adjusted cost base (ACB) and account for any return of capital and notional distributions.

If you have any further questions regarding your tax filing affairs, please do not hesitate to contact a Nicola Wealth Advisory Team member.


If we can refer you to a Nicola Wealth Specialist, please advise. If you want to reach out to them directly email Ron Haik at