KB Checklist - Maximize Your Income Tax Deadlines
Tax filing deadlines compel most ó but not all ó of Canada's almost 24 million tax filers to arrange their affairs and reconcile last year's taxes by April 30. However, there are many late filers.
Please be sure to diarize milestones that maximize your rights under the Income Tax Act:
| 2010 |
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July 1 |
New Benefit Year: Child Tax Benefit, GST Credit, Old Age Security (file 2009 tax return to determine benefit levels) |
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August 31 |
Working Income Tax Benefit Advance Payment Application for 2010 |
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September15 |
Quarterly Instalment Payment Due |
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December 15 |
Quarterly Instalment Payment Due |
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December 31 |
Annual Instalment Due for Farmers, Fishers |
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2011 |
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January 30 |
Requirement to pay interest on inter-spousal loans |
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February 28 |
T4 Slip Completion and Distribution, RRSP Deadline |
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March 15 |
Quarterly Tax Instalment due |
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March 30 |
T3 Slip Deadline |
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April 30 |
Personal Income Tax Filing Deadline |
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May 1 |
Interest accrues daily on overdue taxes owing |
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June 15 |
CRA owes interest to tax filers on late processed refunds (in fact, the agency has an obligation to process refunds within 45 days of receipt of the return after April 30)
Tax Filing Deadline: Proprietorship Returns
Quarterly Instalment Payment Due |
For more information on tax planning provisions and compliance requirements subscribe to The Knowledge Bureau's online tax reference for taxpayers, financial advisors and their clients: EverGreen Explanatory Notes.
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