Upcoming Tax & Investment Milestones: March and April

In this final month of the first quarter of 2024, significant new tax filing milestones arise, but with a twist, because both March 30 and 31 are on a weekend and April 1 is a Monday.  For these reasons it’s important for tax and financial specialists to step up the tax filing conversation on critical issues like any potential RRSP excess contributions and everything related to trusts!  Here are the significant dates to know for March and April:

Mar 6:      Bank of Canada interest rate announcement

Mar 15:   Quarterly tax instalment deadline, KB Retirement Income Services Specialist Program registration deadline

Mar 20:   CCB Payment

Mar 26:   CPP, OAS, GIS benefits payment date

Mar 28:   CEBA last day for financed repayments of loan to be made to preserve forgivable portion. Adjust 2020 T1 to remove CEBA forgiven amount from income if CEBA loan required repayment dates of December 31, 2023, January 19 or March 28 missed.

Mar 27:   Canada Veterans’ Disability Benefit payment date

Mar 30:   Normal Tax filing due date for trusts with Dec. 31 year end, T3 slips due, 90 days after year end

Mar 30:   Normal Filing due date for Form T1-OVP for Excess RRSP, PRPP, SPP Contributions Normal - 90 days after year end

Apr 2:    2024 Trust, T3, T1-OVP Return Filing Deadline

Apr 5:     GST/HST Credit payment

Apr 10:   Bank of Canada Interest Rate Announcement

Apr 15:   CCR- Canada Carbon Rebate - now 20% for rural residents

Apr 15:   US tax filing deadline.  US persons in Canada Tax filing, Form 8938, 4868.  The 2023 deadline:  April 17

Apr 19:   CCB payment

Apr 26:   CPP, OAS, GIS benefits payment date

Apr 29:   Canada Veterans’ Disability Benefit payment date

Apr 30:   Usual T1 individual tax filing deadline; Also file:

• Form T1135, Foreign Income Verification Statement
• Late elections for pension income splitting for 2020 expire April 30, 2024
• OVP-ALDA Individual Tax Return for Excess Transfers to Purchase an ALDA is due.
• 2900 for Underused Housing Tax for Calendar Year ending December 31, 2022 and December 31, 2023.
• T400A: Notice of Objection File on the later of one year after filing due date or 90 days after receipt of Notice of Assessment or Reassessment or Determination
• New CRA Service Feedback Form RC193 – Submit a complaint or suggestion online: canada.ca/cra-service-feedback
• Deceased Taxpayers:Died Jan. 1 to Oct 31 - file by April 30
• New: electronic signatures accepted on form T2200 Declaration of Conditions of Employment and T1223 Clergy Residence Deduction