Personal Tax Planning Calendar
In addition to providing important tax dates, the following calendar
lists a number of tax-friendly strategies to help maximize your tax
Please note: if any deadline falls on a weekend,
the deadline is moved to the following Monday.
- 15th—Deadline for an employee to inform their employer of
any deferred stock options benefits related to a stock option exercise
from previous year.
- 30th—Deadline to pay interest for previous year on a family
loan at prescribed interest rates.
Tax Strategies for January:
- Consider making a maximum lump-sum Registered Retirement Savings Plan (RRSP)
contribution for current year.
- Consider making a lifetime over-contribution to your RRSP.
- Review your personal financial plan, including your estate plan to
ensure it is still appropriate.
- 28th—Deadline for employers (even for those employing a nanny or
babysitter) to send in a T-4 Summary to the Canada Revenue Agency (CRA).
In addition, a copy of the T-4 slip must be delivered or mailed to the
employee by February 28th.
- 1st—RRSP contribution deadline. If it’s a leap year, the
deadline is February 29. This deadline applies for regular RRSP
contributions, retiring allowance RRSP contributions, or Home Buyers’
Plan or Lifelong Learning Plan RRSP repayments.
- 1st—Labour-Sponsored Fund contribution deadline. If it’s a
leap year, the deadline is February 29.
- 15th—1st quarterly Canadian tax installment is due.
- 31st—Inter-vivos/Living Trust tax return deadline. If it is a
leap year, the deadline is March 30th.
Tax Strategies for March:
- If you are expecting a tax refund, consider filing your personal tax
return early—but only after you have received all your necessary
- 15th—U.S. resident tax return or 6-month extension request
deadline. Deadline for extension request for non-resident aliens who are
subject to withholding tax. Deadline for the balance owing to avoid
- 30th—Deadline to file your Canadian personal tax return and pay
any balance owing, to avoid paying interest and a late filing
Tax Strategies for April:
- Consider the impact of the new Federal and Provincial Budgets on your
- 15th—2nd quarterly Canadian tax installment is due.
- 15th—Deadline for filing Canadian tax return if you or your
spouse has self-employment income. However, if there is a balance owing,
the tax must be paid by April 30th to avoid underpayment interest
- 15th—Deadline for filing U.S. tax return for U.S. citizens
living in Canada and non-resident aliens, not subject to withholding tax.
However, to avoid interest charges, any balance owing of unpaid taxes must
be paid by April 15th.
- 15th—3rd quarterly Canadian tax installment due.
Tax Strategies for November:
- Consider using an investment tax shelter to reduce your current
year taxable income.
- If you expect significant tax deductions next year, consider applying
now for a tax waiver to the CCRA on Form T1213 to reduce withholding taxes
at source on employment income.
- 15th—4th quarterly Canadian tax installment is due.
- 31st—Registered Education Savings Plan (RESP) contribution
Tax Strategies for December:
- Consider selling securities with accrued losses that no longer meet
investment objectives to offset realized capital gains. Ensure that the
trade settles in the current calendar year and superficial losses are
- To obtain a tax deduction in the current year, pay your deductible
expenses and make charitable donations before year-end.
- If you turn 71 during the year, make your final RRSP contribution
before the end of the year. Contributions to your RRSP cannot be made
after the end of the year in which you turn 71. If you are over age 71
and still have unused RRSP contribution room, you can make your RRSP
contribution to a spousal RRSP if your spouse is age 71 or under.
- Consider delaying purchasing new mutual funds in non-registered
accounts to avoid prepayment of tax on year-end distributions.