Mark Your Calendar: Early 2025 Tax & Financial Milestones

Tax Filing Milestones for January, February and March 2025:  Mark your calendar for these upcoming tax, investment and financial milestones and remind your clients.  Check it out - don’t forget the brand new deadline on February 28, 2025 below:

Plus, check out the new Knowledge Bureau Educational Calendar for January to June!

January

Jan 1:    Plan capital gains income to maximize $250,000 threshold for 50% inclusion rate HR department to distribute: 

• File TD1 Tax Credits Return; T1213 Request to Reduce Tax Withholdings at Source.  Full time remote employees:  Prov. of Residence is Employer’s. Auto benefits, deductions change.
• Canada Dental Care Plan: Available to all qualifying taxpayers in 2025

Jan 2:    Contribute to TFSA  Annual limit $7000; Lifetime limit $102,000

Contribute to FHSA Annual Limit $8000. Lifetime Limit $40,000

Jan 3:    GST/HST Credit payment

Jan 10:  Canada Workers Benefit (CWB) Advanced Payment

Jan 15:   CCR- Canada Carbon Rebate

Knowledge Bureau CE Savvy Summit:   Advanced Line-by- Line T1 Tax Update

Jan 20:  Canada Child Benefit (CCB) payment

Jan 29:  Bank of Canada interest rate announcement

Jan 29:  CPP, OAS, GIS benefits payment date

Jan 30:  Make interest payment on inter-spousal loans for the immediately prior tax year;

Canada Veterans’ Disability Benefit

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

February

Feb 1:     Apply for OAS 2026. earliest application date is 11 months before you want the OAS to start, use form SC ISP-3550E.

Feb 20:   CCB Payment

Feb 26:   CPP, OAS, GIS benefits payment date.

Feb 28:   Canada Veterans’ Disability Benefit payment date

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: tips, casual employment, no-slip interest income, receipts for discretionary deductions and credits.

Feb 28: New! Charitable Donation Deadline – receipts to qualify for credits in the 2024 tax year

March

March 3:  RRSP Contribution Deadline 

Mar 12:    Bank of Canada interest rate announcement

Mar 17:   Quarterly tax instalment deadline

Mar 20:   CCB Payment

Mar 26:   CPP, OAS, GIS benefits payment date

Mar 27:   Canada Veterans’ Disability Benefit payment date

Mar 31:   Normal Tax filing due date for trusts with Dec. 31 year end (other than bare trusts) , T3 slips due, 90 days after year end

Mar 31: File Form T1-OVP for Excess RRSP, PRPP, SPP Contributions Normal due date is 90 days after year end