Tax planning should be part of your annual wealth management planning. As we enter 2024, here are 10 important tax planning deadlines you need to be aware of:
New contribution room becomes available in your Tax-Free Savings Account (TFSA) of $7000.
New contribution room becomes available in your First Home Savings Account (FHSA) of $8000.
New contribution room becomes available in your Registered Retirement Savings Account (RRSP) to a maximum of $31,560. (Note: *RRSP contribution limit for 2023 taxation year is the lesser of $30,780 or 18% of your earned income in the previous year).
Deadline to contribute to your RRSP to receive a First 60-day receipt that you can use for your 2023 return.
First quarterly personal income tax installment due date.
Deadline for partnerships to file their 2023 tax return if partners are individuals.
Last day to file your 2023 personal income tax return if you are not self-employed.
Last day to pay any 2023 income tax due if you are self-employed.
Last day for residential property owners that are affected by the Underused House tax (UHT) to pay any 2023 tax owing.
Last day to file your GST/HST return if you are a self-employed individual with a December 31 year-end.
Last day for self-employed individuals to file their 2023 tax return.
Second quarterly personal income tax installment due date.
Third quarterly personal income tax installment due date.
Fourth quarterly personal income tax installment due date.
Deadline for contributions to the following accounts:
RESP (to receive government grants)
FHSA (for a 2024 deduction)
RRSP (if you turn 71 in 2024)
Last day to donate to a charity for the 2024 tax year.
This is only a partial list of important Canadian income tax deadlines; therefore it is a good idea to speak with your tax planning professional to review your personal situation. Planning and organizing all your tax documents and paperwork throughout the year will save you a lot of time and energy during tax time. A great way to get access to your tax history and view any tax-related documents is to set up a My Service Canada account at www.Canada.ca.
(Source: Canada.ca) Note: Original dates that are on a weekend have been shown here as the next business date. Example June 15 falls on a Saturday, so the date above is shown as June 17.