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4 PORTLAND INVESTMENT COUNSEL INC. TRANSFER AUTHORIZATION FOR NON-REISTERED INVESTMENTS STEP 3 Client Direction to Relinquishing Institution

How to fill out non-registered investments

How to fill out non-registered investments:

1. Gather all necessary information: Start by collecting all relevant documents related to your non-registered investments. This may include statements, account numbers, and any other supporting documentation.
2. Determine the type of investments: Identify the specific non-registered investments you have, such as stocks, bonds, mutual funds, or real estate. Each type of investment may have different reporting requirements, so it's essential to understand what you have.
3. Understand your tax obligations: Non-registered investments typically generate taxable income or capital gains. Familiarize yourself with the tax rules and regulations associated with your investments to accurately complete the required forms.
4. Complete the appropriate tax forms: Depending on your jurisdiction, you may need to complete specific tax forms to report your non-registered investments. Ensure you have the correct forms for your situation and accurately fill in the required information.
5. Report income and gains: Provide the necessary details of the income and capital gains generated by your non-registered investments. This may include reporting dividends, interest payments, rental income, or profits from selling investments.
6. Consider professional assistance: If you are uncertain about how to fill out your non-registered investments or have complex investment portfolios, it may be advisable to seek professional advice from an accountant or tax professional. They can provide guidance and ensure compliance with applicable tax laws.

Who needs non-registered investments?

1. Investors seeking flexibility: Non-registered investments offer flexibility compared to registered accounts like RRSPs or TFSAs. They do not have annual contribution limits or restrictions on withdrawals, allowing individuals to invest larger amounts and access their funds whenever needed.
2. High-income earners: Non-registered investments can be beneficial for high-income earners looking for additional investment opportunities after maximizing their contributions to registered accounts. They can potentially reduce tax liabilities through strategies like dividend or capital gains optimization.
3. Individuals with short-term financial goals: Non-registered investments may be suitable for those with short-term financial goals, such as saving for a down payment on a house or a major purchase. Since there are no withdrawal restrictions or penalties, individuals have more control over their funds' usage and timing.
4. Investors looking for diverse investment options: Non-registered accounts provide investors with a broader range of investment options beyond what is available in registered accounts. This includes direct stock trading, real estate investments, and alternative investments that may have restrictions within registered accounts.
5. Estate planning and wealth transfer: Non-registered investments can be utilized for estate planning purposes and transferring wealth to future generations. By strategically gifting or transferring non-registered assets, individuals may reduce potential tax consequences and effectively pass on wealth to their heirs.

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What is non-registered investments?

Non-registered investments refer to investments that are not held in tax-advantaged accounts like RRSPs or TFSAs.

Who is required to file non-registered investments?

Individuals who have non-registered investments are required to report them on their tax return.

How to fill out non-registered investments?

Non-registered investments can be reported on the Schedule 3 form of your tax return.

What is the purpose of non-registered investments?

The purpose of non-registered investments is to grow wealth outside of tax-deferred or tax-free accounts.

What information must be reported on non-registered investments?

Information such as the type of investment, purchase price, sale price, and any capital gains or losses must be reported on non-registered investments.