2019 Tax Season Milestones

2019 Tax Season Milestones

January:Speak to tax adviser and HR department to reduce tax withholding at source: file TD1 Tax Credits Return and T1213 Request to Reduce Tax Withholdings at Source.  Investors: Make TFSA deposit for each adult in family; replenish withdrawals from last year.  Jan 16: Defer stock option benefits annually if exercised before Mar. 5, 2010.  Jan 30: Interest payment on inter -spousal due.  Jan 31: T10 PAR slip due to restore RRSP room in case of exit from DPSP or RPP

February:

Feb 28: T4, T5 slips due; receive enrollment notice in courses if RRSP LLP withdrawal made in prior year

Assemble self-reported income, income from tips, casual employment, no-slip interest income, receipts for discretionary deductions and credits

March:

March 1: RRSP contribution deadline

March 15: Quarterly tax instalment deadline

March 31: T3 slips out, File Tl-OVP for Excess RRSP, PRPP, SPP Contributions. April 1 In 2019.

April:

April 5: GST/HST Credit payment, WITB Advance

April 15 US tax filing deadline. US persons in Canada Tax filing, Form 8938, 4868

April 30 Tl individual tax filing deadline

Form T1135, if not filing a tax return

T1ADJ - Late elections for pension income splitting for 2014 expire April 30, 2018

May:

Review: Wills and POAs, estate plans with insurance

File Objections/appeals on tax reassessments

June:June 15: Tl proprietorship filing deadline, quarterly tax instalment remittance, Closer Connection Exception Statement for Aliens (IRS Form 8840); extension to file US tax return* June 17 in 2019June 30: File TFSA Return July 2 in 2019  June 30 - Form RC243 TFSA Return and RC243-Schedule A - Excess TFSA Amounts, RC312E -Reportable Transactions Return - July 2 in 2019

July:Investors: Do a Portfolio review  Businesses: business valuation, consider crystallizing CGE  Pre-Retirement Review: Postponement of OAS or CPP  Retirees: Review RRSP meltdown strategies  Investors: Review need to make quarterly instalments  Education funding: Invest CCB, RESP  Real Estate: Cottage/Home Valuations August:Debt Management: Back to school expense planning review  Audit Risk Management: Correct tax filing errors and omissions 2009 - 2018  File for CWB prepayment September:Sept. 15: Quarterly tax instalment due (September 16 in 2019)Sept. 20: CCB payment  Sept. 30: Cash Flow & Debt Management Review; trace tax deductible interest to source of borrowing  Health Risk Management Plan: Insurance Needs Review October:Oct. 1: Build or buy home if Home Buyer Plan withdrawal made from RRSP last year  Oct. 15 US Tax filing (if Form 4868 extension is filed)  Review Attribution Rules and Tax on Split Income  Income Splitting Plan: Create spousal investment loans, make Spousal RRSP contributions  Tax Loss Harvesting Plan: To offset capital gains income  Donations Plan: Review transfers of securities to charity to avoid capital gains tax and receive donation credit November:Review portfolio to re-balance investments  Education Plan: Maximize contributions to RESP December:Dec. 15/31 final tax installment remittances (Dec. 16, 2019)Dec. 27: Final Tax loss selling, transfer of shares to charity  Dec. 31: Final opportunity to adjust prior filed return (2009), last chance to make donations.  Dec. 31: last day to contribute to own RRSP if age 71, make RESP, RDSP contributions, apply for matching grants and bonds.

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