Mark Your Calendar: May-June Tax & Investment Planning Milestones

By May 6, the CRA received 28.5 million returns with over 94% of them submitted by electronic methods. For those Canadians receiving a refund, the average amount is $2,165, another annual increase over last year which came in at $2,053 for 2022. Train now and help tax filers pay the correct amount of tax and no more both for their 2023 tax returns, which can be adjusted for errors and omissions, and in planning for their 2024 tax liabilities. Mark your calendar for these upcoming tax, investment and financial milestones, which include new dates from the Federal Budget, like the June 25 Capital Gains inclusion rate increase. Get all the details below!

May 1:     Interest is charged on tax balance due

Canada Dental Care Plan: Open to seniors aged 65 to 69

May 17:  CCB Payment

May 22:  KB CE Summit: Retirement, Cottage & Estate Planning

May 29:  CPP, OAS, GIS benefits payment date          

May 30:  Canada Veterans’ Disability Benefit payment date       

Deceased prior year Nov. 1 to 30 – file 6 months after death

June 1: Canada Dental Care Plan: Open to Disabled and Children under 18

June 5:    Bank of Canada interest rate announcement

June 15:  Make election or revocation to stop contributing to CPP or revoke a prior election

June 17:  T1 proprietorship filing deadline. Make quarterly tax instalment remittance.

Snowbirds:  file Closer Connection Exception Statement for Aliens (IRS Form 8840); File extension to file US tax return (IRS Form 4868)

June 17:  KB Online Summer Semester 1 Begins

June 20:  CCB Payment

June 25: Capital Gains inclusion rate increases to 66.66% for certain taxpayers: after first $250K for individuals; from first dollar for corporations and trusts. LCGE increases to $1.25M

June 26:  CPP, OAS, GIS benefits payment date

June 27:  Canada Veterans’ Disability Benefit payment date

June 30:  (Sunday) Form RC243 TFSA Return and RC243-Schedule A – Excess TFSA Amounts; filing due date for Section 216, 217 Returns to report net rental income from Canadian-source rental income.  Canada Dental Benefit ceases, replaced by Canada Dental Care Plan.

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