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Last updated: May 05 2021

Mark Your Calendar: Tax & Financial Milestones in May and June

The focus after April 30 is tax filers who are late and proprietors who have until June 15 to avoid late filing penalties.  However, this is also the time to think about your business and how to build on the momentum you have created during tax season.  Consider these milestones!

May:

  • May 1:  Interest is charged on tax balance due
  • May 20:  CCB Payment,                                             
  • Will and estate planning review
  • Canada Emergency Wage Supplement extended to June 2021 – Review taxable income status

June:

  • June 15:  T1 proprietorship filing deadline, quarterly tax instalment remittance, Closer Connection Exception Statement for Aliens (IRS Form 8840); extension to file US tax return (IRS Form 4868)
  • June 18:  CCB Payment
  • June 30 - Form RC243 TFSA Return and RC243-Schedule A – Excess TFSA Amounts, RC312E – Reportable Transactions Return

 

 

 

 

 

 

 

 

 

 

Knowledge Bureau has its next event coming up on May 20 with the 2021 Retirement and Estate Planning Update, which will include an authoritative analysis of the April 19, 2021 Federal Budget.

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