Mark Your Calendar: Fall Education & Tax Filing Milestones

August

August 15-December 15 – Online Certificate course Study Periods begin  (see Study Calendars below)

Aug 18:  CCB payment

Aug 29:  CPP, OAS, GIS benefits payment date

Aug 30:  Canada Veterans’ Disability Benefit payment date

Back to school expense planning review

Audit risk management:  Correct tax-filing errors and omissions 2013-2022

September

Sept 15:  Quarterly tax instalment due

Sept 16:  KB Specialized Credentials - Fall Semester Begins

Sept 20:  CCB Payment

Sept 20:  KB CE Summit: Audit Defence Planning

Sept 27:  CPP, OAS, GIS benefits payment date

Sept 28:  Canada Veterans’ Disability Benefit payment date

Review:  Cash Flow & Debt Management

Health Risk Management:  Insurance needs review

October

Oct 1:     Build or buy a home if Home Buyer Plan withdrawal made from RRSP last year

Oct 5:     GST/HST Credit payment, CWB advance

Oct 13:   Climate Action Incentive Payment

Oct 15:   US Tax filing (if Form 4868 extension of filing time has been filed)

Oct 20:   CCB Payment

Oct 27:   CPP, OAS, GIS benefits payment date

Oct 30:   Canada Veterans’ Disability Benefit payment date

Oct 31:   File 2023 UHT-2900 Tax form

Family Review:  Family income splitting, make a spousal RRSP contribution, review inter-spousal loans.

RRSP Review:  Post-doctoral income receipts qualify as RRSP earned income effective January 1, 2021.  Retroactive adjustments allowed.

Capital Gains Review:  Tax-loss harvesting to offset capital gains income.

Donations Plan:  Review transfers of securities to charity to avoid capital gains tax, new AMT effective January 1, 2024.

December

Dec 13:  CCB payment

Dec 15:  Final tax instalment remittances

Dec 20:  CPP, OAS, GIS benefits payment date

Dec 21:  Canada Veterans’ Disability Benefit payment date

Dec 29:  Final tax loss selling, transfer of shares to charity

Dec 31:  Farmers/fishers deadline for annual instalment remittance.  Also:  last day to contribute to own RRSP if age 71 and

• CEBA Loan Must be repaid
• Last day to apply for additional $300 & $150 Canada Child BenefitCOVID-19 Support Payments
• UHT – Obtain FMV of list of properties owned by non-residents
• Last day to correct errors and omissions to 2013 T1

Note:

Election to stop or revoke the CPP election must be filed by June 15, 2024

Tax and Investment Acronym Glossary:

AMT                         Alternative Minimum Tax  

CCB                        Canada Child Benefit

CDB                        Canada Dental Benefit

CHB                        Canada Housing Benefit

CCPC                      Canadian-Controlled Private Corporation

CERB                      Canada Emergency Response Benefit

CESB                       Canada Emergency Student Benefit

CEWS                     Canada Emergency Wage Subsidy

CGE                        Capital Gains Exemption

CRB                        Canada Recovery Benefit

CRGP                      Canada Recovery Hiring Program

CRCB                      Canada Recovery Caregiving Benefit

CRSB                       Canada Recovery Sickness Benefit

CPP                         Canada Pension Plan

CWB                       Canada Workers Benefit

FHSA                      Tax-Free First Home Savings Account

GIS                         Guaranteed Income Supplement

GST/HST Credit      Goods and Services Tax/Harmonized Sales Tax Credit

HBP                        Home Buyers’ Plan (from RRSP)

HHBRP                   Hardest-Hit Business Recovery Program*

LLP                         Lifelong Learning Plan (from RRSP)

OAS                        Old Age Security

PAR                        Pension Adjustment Reversal

RPP                         Registered Pension Plan

PRPP                      Pooled Registered Pension Plan

RDSP                      Registered Disability Savings Plan

RESP                       Registered Education Savings Plan

RRIF                        Registered Retirement Income Fund

RRSP                       Registered Retirement Savings Plan

TFSA                       Tax-Free Savings Account

THRP                      Tourism and Hospitality Recovery Program*

UHT                          Underused Housing Tax

*These programs included a rent subsidy