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We work together with our clients, providing them with easy-to-understand recommendations and helping to implement them every step of the way. Our process helps you make financial decisions with confidence that are always relevant to your current circumstances and expectations.
Reporting your income and expenses to the government can sneak up on you, but waiting until the last minute, or not preparing in advance could make the process more difficult. The reference to your important deadlines to remember below, will ensure you are prepared.
2020 TFSA limit: $6,000 | 2020 RRSP limit: $27,230 | 2019 RRSP limit: $26,500
|New TFSA contribution room. Visit the CRA website for more information.|
|January 30||Deadline to pay interest on a family loan at prescribed interest rates to avoid income attribution.|
|February 24||E-filing open for resident and immigrants in Canada for 2019 tax year.|
|February 29||Deadline for employers and other payers to give you an information slip, usually a T4 Statement of Remuneration Paid, which tells you and the CRA exactly how much you earned in 2019.|
|March 2||RRSP Contribution Deadline Deadline for making your RRSP contribution for the 2019 tax year (including Home Buyers’ Plan/Lifelong Learning Plan repayments).|
|Deadline to issue T4s, T4As, and T5s and for issuers of TFSAs to file their annual information returns. |
|March 15 ||First quarter personal tax instalment is due. |
|March 30 ||Deadline to file NR4s and T3 trust returns. |
RRSP contributions can be deducted from taxable income and grow tax free through investments until they are fully taxed in retirement. Higher-income Canadians tend to get more bang for their RRSP buck because they are in higher tax brackets.
|April 15 |
Deadline to file U.S. individual income tax returns for 2019 or 6-month extension requests.
Deadline to file 2019 report of Foreign Bank and Financial Accounts, FinCEN report 114 (formerly FBAR), for U.S. citizens living in Canada.
|April 22||Deadline to set up a pre-authorized debit payments for 2019 to avoid interest charges|
|Deadline for most tax returns. If you owe anything, you must pay by this date or you will be charged interest. (* Now June 1, 2020- Due to COVID-19)
Personal Income Tax Returns Deadline for filing your Canadian (or Quebec) personal income tax return (excluding self-employed individuals and their spouses or common-law partners). April 30 is also the deadline for payment of any taxes owing to the CRA (or Revenu Québec) for 2019 for all individuals.
|Planning Consideration: Children with earned income Unused RRSP contribution room can be carried forward indefinitely. File a personal income tax return for children with “earned income” (e.g., from a part-time job) so they can start accumulating RRSP contribution room.|
Planning Consideration: Putting your income tax refund to work If you received an income tax refund in 2020, use the funds to make your 2020 RRSP/TFSA contribution or pay down debt.
|June 1 |
Deadline for most tax returns. If you owe anything, you must pay by this date or you will be charged interest. (* Now June 1, 2020- Due to COVID-19
Second quarter personal tax instalment is due.
Deadline for self-employed persons. If you or your spouse or common-law partner carried on a business in 2019 (other than a business whose expenditures are primarily in connection with a tax shelter), your 2019 tax return has to be filed on or before June 15, 2020. However, if you have a balance owing for 2019, you still have to pay it on or before April 30, 2020.
Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end.
|Planning Consideration: Review your estate plan Review your estate plan regularly to ensure it continues to meet the needs of you and your family. At a minimum, your estate plan should include an up-to-date Will that reflects your intentions and names an appropriate executor(s), a Continuing or Enduring Power of Attorney for Property in the event of mental or physical incapacity, and a Power of Attorney for Personal Care to address medical and physical care decisions. Further, your estate plan should be reviewed whenever there is a change to your personal situation, such as a birth, death, incapacity, retirement, marriage, divorce, change in residency, attainment of age of majority, significant increase or decrease in wealth, or sale of a business.|
Planning Consideration: Income-splitting opportunities Under the Canadian tax system the more you earn, the more you pay in income taxes on incremental dollars earned. With this in mind, it may make sense to spread income among family members who are taxed at lower marginal rates to reduce your family’s overall tax burden, subject to the income attribution rules. Common income-splitting strategies to consider include:
Planning Consideration: Planning for your child’s post-secondary education As the new school year approaches, consider whether your family’s education plan would receive a passing grade. Starting a dedicated education savings plan while children are still young helps ensure you have the funds necessary when they begin their post-secondary studies. What’s right for your situation depends on many factors, including disposable income, whether financial assistance will be provided by other family members (such as grandparents), the ages and number of children involved, and the options for your savings if your child doesn’t pursue a formal post-secondary education program.
|September 15||Quarterly Income Tax Instalment Payment Deadline for third quarter income tax instalments for individuals required to make quarterly payments.|
Planning Consideration: Your RRSP maturity options If you turned or will be turning age 71 in 2020, or are planning to retire next year and will be using your RRSP to supplement your pension and government benefits, make sure you’ve considered your RRSP maturity options.
You can withdraw the cash proceeds from your RRSP, purchase a Life Annuity or transfer your RRSP to a Registered Retirement Income Fund (“RRIF”). A RRIF may be your best choice if you want to continue to manage your investments and give yourself maximum flexibility in terms of structuring your retirement income.
Planning Consideration: If you’re age 65 or older, RRIF payments are eligible for the $2,000 federal pension income tax credit, and for pension income-splitting with your spouse or common-law partner.
|December 15||Quarterly Income Tax Instalment Payment Deadline for fourth quarter income tax instalments for individuals required to make quarterly payments.|
|December 29 ||Last day to settle trades in calendar year 2020 for Canadian tax-loss selling. |
Contribution deadline for Registered Education Savings Plans (RESP).
Deadline to make charitable donations to be claimed for the 2020 tax year.Tax Deductions and Credits Deadline The final payment date in order to receive a 2020 tax deduction or credit for expenses such as childcare, medical and tuition tax credits.
|Planning Consideration: TFSA withdrawal If you’re planning a withdrawal from your TFSA, consider making the withdrawal in December instead of waiting until the new year. That way, the amount withdrawn in 2020 will be added back to your available TFSA contribution room on January 1, 2021.|
|Donate appreciated publicly-traded securities instead of cash for enhanced tax savings. Further, combine all charitable donations for you and your spouse (or common-law partner) and claim these on one income tax return for maximum tax savings.|
*This calendar is for informational purposes only and it is not and should not be construed as professional advice to any individual or business. The information contained in this calendar is based on content believed to be reliable at the time of publication, but is not a guarantee that the information is accurate or complete. The comments are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect of any person’s specific circumstances.
* Sources: https://www.bmo.com/nesbittburns | https://turbotax.intuit.ca |
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