Please keep the following dates in mind as tax season approaches. If you have any questions, please contact the office – we’re glad to be of assistance.
2016 RRSP Contribution Deadline: March 1, 2017
Please be aware that if you want to deduct RRSP contributions on your 2016 income tax return, they must be done by March 1st of 2017.
T4 Slips for Employment Income
Corporations must file and issue T4 slips to its employees by February 28, 2017. Even if you are not incorporated and have an employee, the T4 deadline is still February 28, 2017. For example if you employ a nanny, you have to file by February 28th.
T3 and T5 Slips for Investment Income and Dividends paid to Owners
Corporations must file and issue T5 slips by February 28, 2017. If you pay yourself using dividends from your own Corporation, then you issue yourself a T5 slip which is due on February 28th.
T3 slips (which are issued by Trusts such as mutual fund trusts and exchange traded funds) must be filed and issued by March 31, 2017.
T5013 slips which are issued by some investments organized as partnerships also have a March 31, 2017 filing deadline.
Personal Income Tax Return Deadline: May 1st, 2017
Normally, the filing deadline is April 30th of each year. However, in 2017, April 30th falls on a Sunday so the filing deadline is extended by one day. If you have business or professional income (non-incorporated), then your filing deadline (along with your spouse’s) is extended to June 15, 2017; however, any income taxes owing are still due by May 1st, 2017.
Personal Income Tax Checklist
Since many types of investment income come from trusts (T3’s) or partnerships (T5013’s) which are normally sent out by investment firms in late March each year, its usually a good idea to delay giving your accountant all your tax forms until the first week in April. This is to ensure that your accountant has all the slips, receipts and other documentation necessary to complete your personal income tax return.
It’s also a good idea to review all the slips, receipts and documentation you had from your 2015 income tax return and ensure you have all the same slips, receipts and documentation for 2016 (assuming nothing has changed since last year) before giving the information to your accountant. This can save you money since it negates the possibility of your accountant having to file adjustments to your income tax return later.
Did you know?
If you have any type of investments, you will be able to obtain all investment related items directly from your investment firm or advisor. Your investment firm should automatically send out slips such as:
- RRSP Contribution Receipts
- T4RSP or T4RIF slips (if you received funds from your RRSP or RRIF in 2016)
- T5/T3 slips
- T5013 slips
If you have non-registered accounts, you will need more information such as:
- Capital Gain/Loss reports including your original cost of all investments sold in 2016.
- Total Investment Management Fees paid including GST/HST for 2016 (Investment Firms are now required to send this information out each year). These fees are tax-deductible for all non-registered accounts.