Early 1st Quarter Tax Filing & Investment Milestones

Beth Graddon

It’s time to take note of the tax filing requirements and investment opportunities that now that we’re into the first quarter of the year. This is an important timeline for investors making TFSA and RRSP contributions, as well as interest payments on inter-spousal loans.  In addition, there are some important dates to note with regards to the Canada Workers Benefit (CWB) and other COVID-19 related benefits. Mark your calendar and discuss these January and February tax and investment planning milestones with your clients.

January:

• Speak to a tax advisor and HR department about reducing tax withholdings at source:
  • File TD1 Tax Credits Return
  • T1213 Request to Reduce Tax Withholdings at Source.
• File Form RC201E for CWB prepayment after January 1 and before September 1
• Jan 4: Make a TFSA deposit for each adult in the family and replenish prior-year withdrawals.
• Jan 5:   CWB Advance, GST/HST Credit, apply for CRHP, THRP and HHBRP, Period 23.
• Jan 20: CCB payment
• Jan 27:  Apply, amend or increase CERS, CEWS and CRHP claims for July 4 to July 31, 2021 (CERS Per. 11, CEWS & CRHP Per.18)
• Jan 30:  Make interest payment on inter-spousal loans for the immediately prior tax year.

Jan 31:  T10 PAR slip due, which restores RRSP room in case of exit from DPSP or RPP

February:

• Feb 16: Retroactive claims for Canada Emergency Sickness and Caregiving Benefits can be made for Periods 61-63
• Feb 18:  CCB Payment
• Feb 24: Apply, amend or increase CERS, CEWS and CRHP claims for Aug 1 to Aug 28, 2021 (CERS Per. 12, CEWS & CRHP Per.19)
• Feb 28:  T4, T4A, T5 Slip filing deadline, receive enrollment notice if RRSP LLP withdrawal made in the prior year

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

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