Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

May 20: CCB Payment – Planning hint: are you encouraging young parents to save this money in a separate account to avoid the Attribution Rules on investment earnings?  

May 21: Canada Disability Payment (CDB) – Planning hint: what’s the net income of your disabled client? Will an RRSP help generate this extra income each month? How much is it?  Prepare some “What if” scenarios.

May 25: NLDB Benefit – Planning hint: Not sure what this is? It’s the Newfoundland and Labrador Disability Benefit! Disabled taxfilers can qualify for up to $400 a month in benefits and an annual contribution to the Registered Disability Savings Plan (RDSP) of $1200.

May 27: CPP, OAS, GIS benefits payment dates. Planning hint: are you talking about the need to make quarterly tax instalment payment with seniors who have other income besides their CPP and OAS? This is also the payment date for the ACFB (Alberta Child and Family Benefit payment). 

Finally, May 27 is an important learning day for professionals: The CE Savvy Summit. Learn about What’s New in Tax after the April 28, 2028 Spring Economic Summit and all about Asset Management on Death of a Taxpayer. You’ll learn about Retirement Income Planning & Filing T3 Returns to shore up your Estate Planning knowledge, too.

May 28: Canada Veterans’ Disability Benefit payment date – hint: are you talking to veterans about what other income sources they have and which are taxable? 

Deceased prior year Nov. 1 to 30 – file final returns 6 months after death

So that was May. But there are 20 tax filing, investment and education planning milestones to discuss in June:

June 10: OTB benefit, Bank of Canada Interest Rate Announcement

June 15: KB Online Summer Semester Begins

• T1 proprietorship filing deadline.
• T1135 deadline for proprietors.
• Make quarterly tax instalment payment. 
• Make election or revocation to stop contributing to CPP or revoke a prior election.
• Snowbirds: file Closer Connection Exception Statement for Aliens (IRS Form 8840);
• File extension to file US tax return (IRS Form 4868)

June 18: Canada disability Payment (CDB), Half Day Business Builder Summit – Peak Performance

June 19: CCB payment

June 25: NLDB Benefit

June 26: CPP, OAS, GIS benefits payment date

June 29: Canada Veterans’ Disability Benefit payment date

June 30: Investors will be upset about the penalty provisions if the following returns are not filed:

• File Form RC243 TFSA Return and RC243-Schedule A – Excess TFSA Amounts;
• Form RC728 FHSA Return filing due date.
• Filing due date for Section 216, 217 Returns to report net rental income from Canadian-source rental income. 
• KB Designate Relicensing Deadline
• Deceased prior year Dec. 1 to 31 – file 6 months after death