2020 (8)

Tax Reminders for 2020 Taxes


Good news on Child Care Expenses



CEBA Loans , reporting catch to be aware of


CERB Audit Tips


Media Tax Credits



Working From Home Tax Tips


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All geared up for 2020 taxes and prior years




The EFILE and ReFILE services are open for transmissions from February 24, 2020 at 8:30 a.m. (Eastern time), until January 22, 2021,

for the electronic filing of your clients' 2016, 2017, 2018, and 2019 T1 personal income tax and benefit returns.  


Form T183




Represenative Authorization



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Merry Christmas 2020


Wishing you and your family a Wonderful, Blessed, Safe Holiday Season, a Merry Christmas and a Happy Prosperous New Year !

With the upcoming New Year rapidly approaching, on behalf of everyone at Brock Shores Financial and Timothy Ross & Associates, thank you !

It's been quite a year and we look forward to 2021 and serving in the upcoming year !

 Timothy Ross 

#ImprovingFutures , #OneStepAtATime

.... and from The Ross Ranch, Natures Energy Water Corporation and Fungi Fun

"May all of your carrots grow long and straight, may your water always be Simply Refreshing, and may your mushrooms settle well within you ! "


Please let us know if you have any questions or thoughts (just hit reply to this email). advisor@timothyross.com We love to hear from you


PS: PEAK Disclosure - Click here for your free disclosure gift

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PEAK Disclosure - Click to Learn

There is so much info on Covid, I have not done much with it on my blog here. A search on COVID revealed ZERO results just now. So here is the 1st posting directly on the topic that I receently shared on facebook. Enjoy, reflect. ~ TLR


"This is interesting, surprisingly Canada is on the map ( often our global impact is so small we do not get noticed as a country ) , sometimes we wonder how did they do it so fast ? Well, the devil may be in the details, the fear certainly is, anyway, corona viruses have been studied for ages, so it was not a big deal to figure out how this one was composed, and thus a vaccine could be quickly figured out as it's basically a process that companies in this business have been working on for a long time, so the system is in place to get the job done, on this one the companies received billions of dollars in advance basically they were prepaid and didn't have to go get the R&D funds allocated to the projects. This basically made it so they could turn themselves loose on the systems they had, money that often takes years to get in-order to do the work was there, it wasn't piecemealed out , so the research and testing was implemented right away, also the red tape of government that slows down the work approval process was lifted / change to be more responsive , this thus allowed quicker turn arounds, thus the warp speed results we are seeing on a massive scale. Good or Bad, money and systems allowed it to happen, we can thank Donald Trump for making large amounts of the money available, I am sure there was other countries adding some fuel to the pot, but his teams push made the difference on this. A lot of money was made in this space, and lots more will be made, looking back on it all 3-4 years from now will be interesting indeed, legacy kind-a stuff I think. In the meantime, work on your immunity " ~ TLR



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Dividend Time Year End 2020

PEAK Disclosure - Click to Learn


It's that time of year to check out estimated Dividends. I started looking at over the last couple months at the trends to get some perspective of the tax burden we will be facing, it's going to be more than 2019, It's Dividend Time ! 

Common  theme I am seeing in communications from our portfolio managers and fund companies,  Q: Why are the estimated distributions relatively high ?

Well, volatility, and many companies have been profitable during the plandemic. So trading creates capital gains dividends, profits create income type dividends. We will see higher dividends this year, depending on your asset class and type of portfolio, 2-4% will not be uncommon in many portfolio's. If you have done a lot of trading or your manager has, expect taxable capital gains, if these are significant, some planning may be in order, or at a bare minimum a resolve to be a happy tax payer, I know a couple who are.  This is brief update, everyone will be different. Just a "Heads Up",  thankfully it's been a good year for peoples investments for the most part. Around the world, it's been a little rough lok at Spain and Russia, US pretty good , Canada not even on the list.  This link I found gives a bit of perspective.


Remember, celebrate dividends, means business was good for the most part, only downside, you will need to share some of them with the government and they need the money, also remember dividends have already had taxes paid on them by the companies owned, so there is some tax advamatges of receiveing income that has been pretaxed, not going into the details, that will be a whole new topic, I will probably find a few articles that explain it so much better than I can. The important thing here is to be aware. 

So, Perhaps will dive a little deeper on this topic going forward.  Search the site at the top right corner for keyword Dividends for other posts in the past and in the future.

Also check the comment section for articles regarding the topic 

As a member , if you come across a relevant article , please post in the comment section, so we can all benefit

Thank you





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