February Tax & Investment Planning Milestones

Here they are:  the big conversation starters for your clients this month – something new for every demographic!  Take the time to be proactive, especially because this year is a Leap Year and most important, because CRA starts processing the 2023 T1 returns this month!  Tax season 2024, in other words, is officially underway!

Feb 15:     Apply for OAS 2025. Did you know the earliest application date is 11 months before you want the OAS to start?  Use form SC ISP-3550E to do so.

Feb 15:   KB Specialized Credentials - Spring Semester Begins.  Check out the sweet Valentine’s Day Offers for new registrants this month.

Feb. 19:  CRA starts processing T1 returns for 2023

Feb 20:   CCB Payment.  Have you spoken to your clients about avoiding the Attribution Rules by investing the Child Care Benefit payment into an account in the name of the children for whom the payment is made?  It’s a great way to supplement the education savings for the family.

Feb 27:   CPP, OAS, GIS benefits payment date.  What is the best way to invest this money in the short term?  The TFSA, the FHSA or by enrolling in a private medical care plan like Blue Cross?  Did you know this is deductible as a medical expense?

Feb 27:   Canada Veterans’ Disability Benefit payment date.   It’s a good reminder to gather medical expenses together for tax filing.

Feb 29:   This date is important because you won’t want to miss the RRSP tax savings opportunities:

• T4, T4A, T5 Slip filing deadline, receive enrollment notice if RRSP LLP withdrawal made in the prior year.
• It’s the RRSP contribution deadline

Now is the time to assemble self-reported casual income: tips, casual employment, no-slip interest income, receipts for discretionary deductions and credits, as well.

Make a Difference.  Did you know some tax returns cannot be filed electronically?  Check this out - when paper filing is required in this edition of Knowledge Bureau Report and let your clients know!