Family Office Service Requests FAQs
Common FAQs for Family Office Service Requests
Tips: Navigating the Family Office Service Requests FAQs
- Click on a FAQ topic to jump to that particular type of request
- Scan the Family Office Service Requests FAQs by using the Control + F search function
Family Office Service Requests FAQs Topics
Tax Preparation Request | FAQs
When does the tax preparation season begin at Optimize?
The tax preparation season officially begins every year on March 17, 18, or 19, when tax preparation requests can be submitted through the CRM. Before submitting, ensure all required tax slips have been collected.
What is the recommended deadline for submitting tax documents?
Optimize recommends submitting all tax preparation requests by April 1 to allow time for internal processing, follow-ups, and final adjustments before the CRA deadline.
How do I know when the last day is to approve tax returns for filing?
The last day for client approval of tax returns is April 24. Outstanding approvals after this date may risk missing the CRA filing deadline.
Can amendments be made after a return is filed?
Yes, amendments can be processed after May 1. A $75 amendment fee may apply for changes made after filing.
What documents are required to start the tax preparation process?
You must collect all relevant T-slips and RRSP contribution slips before submission. Medical and donation receipts should be summarized on the Personal Information Prep Form; original receipts should be kept by the client for CRA audits.
Where can I access Optimize-related tax slips?
Tax slips such as RRSP contribution slips, non-registered account slips, and management fees can be downloaded via MyPortfolio+ under Compass → Client Reporting → Documents → Tax Slips. Optimize Fund tax slips are mailed to clients and uploaded to the CRA.
How should I organize documents for submission?
Tax returns are submitted by household. Create a single folder with individual sub-folders for each taxpayer, including their prep forms and supporting tax slips. Submit the completed package through HubSpot.
What should I do if there is missing information?
If documents or details are missing, the request will be flagged and moved to “Missing Information.” An email will be sent requesting the missing items, and the return will not proceed until the information is received.
How do I ensure medical expenses, donations, or fees are reported properly?
These should be recorded on each taxpayer’s Personal Information Prep Form, not submitted as receipts. Management fees for jointly held non-registered accounts should be split 50/50 between taxpayers.
Will Preparation Requests | FAQs
How do I submit a Will Preparation request?
To submit a Will Preparation request, begin by navigating to the client's CRM contact page. From there, select the "Servicing" tab, then choose "Family Office Services" followed by "Will Preparation." You will then be prompted to choose between an "Individual Plan" or a "Family Plan" based on your client’s needs.
What documents are included in the Will Preparation service?
The Will Preparation service includes three core documents: the Last Will and Testament, the Power of Attorney for Personal Care, and the Power of Attorney for Property. Each of these documents plays a crucial role in ensuring your client’s wishes are clearly documented and legally protected.
What should I review before submitting a client's Preparation Forms?
Before submission, verify that every field in the Preparation Form is complete and accurate. Missing or incomplete information may result in delays or a rejected request. It is important to ensure all client wishes are clearly expressed and that the forms have been reviewed for consistency.
How should Will Preparation requests be submitted for households?
Will and Estate Plan Preparation requests should always be submitted on a Household basis. Select a primary individual from the Household and use the naming convention "First and Last Name of both clients" (e.g., John and Jane Smith). One zipped folder must be created for the Household, containing separate Preparation Forms for each individual.
How is the Will and Estate Plan executed?
The client must sign the documents in the presence of two witnesses, who must also sign at the same time. Witnesses cannot be beneficiaries, their spouses, or anyone named as an executor. One of the witnesses must also sign the affidavit of execution. It is recommended that all parties use blue ink when signing legal documents.