JANUARY
* 15th – Stock Option Benefits – Last day for employees to file/revoke designations to defer stock option benefits on options exercised in 2011
– US taxes B Estimated tax payments for individuals
* 30th – Deadline to pay interest for previous year on a family loan at prescribed interest rates.
* Consider making a $2,000 lifetime over-contribution to your RRSP. For more information, please refer to one
of our publications on, Registered Retirement Savings Plans.
* Consider depositing the Child Tax Benefit payments into an in-trust account for your child. The income earned
on these payments is taxed in the hands of the child (call us for more details).
* Review your Will to ensure it is still appropriate. For more information, please refer to one of our publications
on, Wills And Will Planning.
FEBRUARY
* 14th – Last day to reimburse employer for costs to reduce operating cost benefit
* 28th – Employer provided automobile – Last day to notify employer regarding reduction inn standby charge benefit for low personal use of vehicle (<50%) – practically should be done earlier
* Consider income splitting with your children to provide them with enough income to support their educational
expenses or establish an Registered Education Savings Plan (call us for more details).
* Make your maximum RRSP contribution – a maximum $22,970 is allowed for 2011 in 2012.
MARCH
* 1st – RRSP contribution deadline. If it’s a leap year, the deadline is February 29.
* 1st – Labour-Sponsored Fund contribution deadline. If it’s a leap year, the deadline is February 29.
* 15th – 1st quarterly Canadian personal income tax installment is due.
– If you are expecting a tax refund, consider filing your personal income tax return early – but only after you
have received all your important tax information.
* 31st – Inter Vivos/Living Trust tax return deadline. If it is a leap year, the deadline is March 30.
APRIL
* 15th – U.S. resident tax return or four-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 interest charges.
* 30th – Deadline to file your Canadian personal income tax return and pay any balance owing, to avoid paying
interest and a late filing penalty.
* Consider the impact of the new Federal and Provincial Budgets on your personal finances.
MAY
* Consider contributing early to your RRSP. For more information, please refer to one of our publications on,
Registered Retirement Savings Plans.
* Consider income splitting strategies with your spouse and/or children to reduce future income taxes payable
(call us for more details).
JUNE
* contact us to discuss the proposed changes to the Income Tax Act that will allow EACH FAMILY member to investup to $ 5,000.00 each on an annual basis. The investment income earned is not taxable.
* 15th – 2nd quarterly Canadian personal income tax installment is due.
* 15th – Deadline for filing U.S. tax return for U.S. citizens living in Canada and non-resident aliens, not subject
to withholding tax.
JULY
* Review your estate plan and Will to ensure they are still appropriate. For more information, please refer to one
of our publications on, Estate Planning.
* Access your estate plan to ensure estate is structured to minimize probate taxes payable. Contact us for
strategies on reducing your probate fee.
AUGUST
* Make sure all adult family members have an Enduring Power of Attorney. For more information, please refer
to one of our publications on, Power of Attorney.
SEPTEMBER
* 15th – 3rd quarterly Canadian personal income tax installment due.
* To defer tax on interest income, structure fixed-income purchases so that the anniversary date is not between
the purchase date and the end of the calendar year.
OCTOBER
* Consider contributing to a spousal RRSP to achieve income splitting in retirement.
NOVEMBER
* Consider the use of a tax shelter to reduce your current year income taxes payable (call us for more details).
* If you expect significant tax deductions next year, consider applying now for a tax waiver to reduce withholding
taxes at source.
DECEMBER
* 15th – 4th quarterly Canadian personal income tax installment is due.
* Consider selling securities with accrued losses for tax purposes to offset realized capital gains. Ensure that the trade settles in the current calendar year and superficial losses are avoided (call us for more details).* To obtain a tax deduction in the current year, pay your deductible expenses and make charitable donations
before the end of the year.
* 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 earned income, you can make your RRSP contribution to a spousal RRSP if your spouse is age 71 or under.
If you have any questions with respect to the above or any other income tax matters, please contact Joseph A. Truscott, Chartered Accountant at (905) 528-0234 or email Joe at [email protected].
July 2012
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