Canada Day Deadlines to Meet

OAS Rates Rise; Prescribed Rates Don’t.  That’s just some of the important news you’ll want to share before heading out for the July long weekend! Check out the Tax and Tax Training Milestone to mark on your summer calendar before you head off on your July holidays!    Seniors note – you’ll get a small raise. based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024. Happy Canada Day!

June Tax and Tax Training Milestones

June 30:  is a Sunday and July 1 is Canada Day so Act no later than July 2 for these filing Due Dates:

Form RC243 TFSA Return and RC243-Schedule A – Excess TFSA Amounts;

Section 216, 217 Returns to report net rental income from Canadian-source rental income. 

Deceased prior year Dec. 1 to 31 – file 6 months after death

The Canada Dental Benefit ceases, replaced by Canada Dental Care Plan.

Designate Licence Renewal Date – Recertification for Knowledge Bureau Designates: DMA, MFA-P, MFA, DFA-Tax, Accounting and Bookkeeping Services Specialists™  .  Validate Designate VIP Affinity program discount opportunities for the next Academic Year July 1 to June 30, 2025.

Summer School Specials End – Save money in Specialized Credential programs

DAC Early Registration Offers End

July

July 1:  Prescribed Interest Rates unchanged for Q3

July 2:  File Form RC243, Section 216,217, deceased Returns

July 5:    GST/HST Credit

July 12:  CWB Advance

July 15:  CCR – Canada Carbon Rebate Payment. Canada Carbon Rebate for Small Business qualifying date

July 19:  CCB payment

July 22:  Reportable Transaction and Notifiable Transaction Information Return (2023 and later tax years).  After July 21, 2023, file  within 90 days to report an avoidance transaction was entered into if one of three hallmarks are met.

July 24:  Bank of Canada interest rate announcement

July 29:  CPP, OAS, GIS benefits payment date

July 30:  Canada Veterans’ Disability Benefit payment date

Education Funding:  Invest CCB into RESP

HOW TO GET EDUCATION FUNDING FOR YOUR KNOWLEDGE BUREAU EDUCATION: