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General Tax Information
Please note that only the Norrep products listed below will be distributing tax slips for each taxation year.
|Fund Name||Tax Slip||Mailing Deadline|
|Norrep Opportunities Corp.|
|Norrep Income Growth Class||T5||February 28|
|Norrep High Yield Class||T5||February 28|
|Norrep Global Income Growth Class||T5||February 28|
|Norrep Tactical Opportunities Class||T5||February 28|
|Norrep US Dividend Plus Class||T5||February 28|
|Norrep II Fund Class*||T5||February 28|
|Norrep Energy Fund Class*||T5||February 28|
|Norrep Entrepreneurs Fund Class*||T5||February 28|
|Norrep Core Portfolios Ltd.|
|Norrep Premium Growth Class||T5||February 28|
|Norrep Core Global Pool*||T5||February 28|
|Norrep Core Canadian Pool||T5||February 28|
|Norrep Fund||T3||March 15|
|Norrep Market Neutral Income Fund||T3||March 15|
|Norrep Short Term Income Fund||T3||March 15|
|Norrep Canadian Enhanced Equity Fund||T3||March 15|
|Norrep Enhanced Credit Fund||T3||March 15|
|Norrep Short Duration 2015 Flow-Through Limited Partnership||T5013||March 31|
|Norrep Short Duration 2016 Flow-Through Limited Partnership||T5013||March 31|
Flow-Through Specific Tax Information
Frequently Asked Questions on the Flow-Through Limited Partnerships (FTLP)
Where can I download my final tax package?
If you are looking for a certain year's final tax package, they are available here for download.
Norrep Short Duration 2015 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Short Duration 2014 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Short Duration 2013 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Performance 2012 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Performance 2011 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Performance 2010 Flow-Through Limited Partnership Final Tax Reporting Package
Norrep Performance 2009 Flow-Through Limited Partnership Final Tax Reporting Package
What is my adjusted cost base (ACB) and how do I calculate it?
Many investors' accountants track the ACBs on behalf of their clients using each year's T5013 slip. Alternatively, you may refer to the ACB calculations provided for recent FTLPs.
Norrep Short Duration 2015 FTLP
Norrep Short Duration 2014 FTLP
Norrep Short Duration 2013 FTLP
Norrep Performance 2012 FTLP
Norrep Performance 2011 FTLP
Norrep Performance 2010 FTLP
Norrep Performance 2009 FTLP
Norrep Performance 2008 FTLP
Norrep Performance 2007 FTLP
When will my T5013 tax slip be mailed?
The T5013 mailing deadline is March 31. The slips will be mailed from each broker's back office. In a rollover year, the tax slips will be mailed from Norrep no later than 90 days after the rollover.
When do I claim my tax write offs?
Tax benefits may be deductible over more than one tax year. Investors can often claim a high percentage of the total tax benefit after the first year of the FTLP's operation when it has invested in flow-through shares of natural resource companies. In turn, the companies use the funds from issuing shares to invest in resource exploration and development.
The resource companies renounce or "flow-through" the costs associated with this exploration and development to the FTLP, which in turn passes them on to investors with the T5013 slip. Investors utilize the deduction on their income tax return to reduce income tax payable.
Why are there capital gains to report?
Investors report capital gains when the FTLP sells some of the flow-through shares in the Partnership to prepare for a tax-deferred rollover to a public mutual fund. The Income Tax Act says that the shares held in the FTLP are deemed to have a cost of zero for income tax purposes.
Therefore, when the FTLP sells an investment, the entire proceeds are considered to be capital gains, of which 50% are taxable. The FTLP allocates the capital gains proportionately to the limited partners on T5013 slips.
Where do I claim the deductions on my tax return?
If you are preparing your income tax return manually, use Canada Revenue Agency form T1229 and the information from the T5013 slip. The amounts from this form are brought forward to Line 224 on your personal income tax return. Form T1229 is available on the CRA website.
If you are using income tax preparation software on your computer, the software will often add the credit automatically on Line 224 of Form T1229 once you have entered the data from T5013 slip. As the use of the deduction is optional, investors' software may require them to add the credit manually on the T1229 form in the software.
Why do I receive a tax information letter at rollover in addition to the T5013 slip?
Initial offering expenses such as selling commission, legal, and audit are deductible over a five-year period. The life of a FTLP is often less than five years. Therefore, investors will often receive a letter at the time of rollover notifying them of deductions that can be taken in future years after the FTLP has ceased to legally exist due to the rollover to a public mutual fund.
Who do I contact for more information?
This information is provided for general information purposes only. This information should not be relied on without the advice and guidance of a professional tax advisor who is familiar with all relevant facts applicable to your situation. Although the information contained above is presented in good faith and believed to be correct, it is general in nature and is not intended as tax advice. Furthermore, the information contained herein may not be applicable to or suitable for your specific circumstances or needs and may require consideration of other matters.