General Tax Information

Tax Slips

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 Class* T5 February 28
Norrep Energy Plus Class* T5 February 28
Norrep Entrepreneurs Class* T5 February 28
     
Norrep Core Portfolios Ltd.    
Norrep Premium Growth Class T5 February 28
Norrep Core Global* T5 February 28
Norrep Core Canadian T5 February 28
     
Trusts    
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
     
Flow-Through    
Norrep Short Duration 2016 Flow-Through Limited Partnership T5013 March 31
Norrep Short Duration 2017 Flow-Through Limited Partnership T5013 March 31
*If applicable
 

Flow-Through Specific Tax Information

Frequently Asked Questions on the Flow-Through Limited Partnerships (FTLP)

Where can I download my final tax 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?

For tax questions, please contact Kelsey Stanton or Jenny Sun.

 

Disclaimer

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.