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:
January 1
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).
February 29
Deadline to contribute to your RRSP to receive a First 60-day receipt that you can use for your 2023 return.
March 1
First quarterly personal income tax installment due date.
April 1
Deadline for partnerships to file their 2023 tax return if partners are individuals.
April 30
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.
June 17
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.
September 16
Third quarterly personal income tax installment due date.
December 1
Fourth quarterly personal income tax installment due date.
December 31
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.
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