Year-End Tax Filing Deadlines: Help Your Clients Minimize Tax

 September:

• Sept. 15: Quarterly tax instalment due (September 16 in 2019)
• Sept. 20: CCB payment
• Sept. 30: Cash flow & debt management review; trace tax-deductible interest to source of borrowing
• Health Risk Management Plan : Insurance needs review

 October:

• Oct. 1 : Build or buy home if Home Buyer Plan withdrawal made from RRSP last year
• Oct. 15 US Tax filing (if Form 4868 extension is filed)
• Review Attribution Rules and Tax on Split Income
• Income Splitting Plan: Create spousal investment loans, make Spousal RRSP contributions
• Tax Loss Harvesting Plan: To offset capital gains income
• Donations Plan: Review transfers of securities to charity to avoid capital gains tax and receive donation credit

 November:

• Review portfolio to rebalance investments
• Education Plan: Maximize contributions to RESP

 December:

• Dec. 15/31 final tax instalment remittances (Dec. 16, 2019)
• Dec. 27: Final Tax loss selling, transfer of shares to charity
• Dec. 31: Final opportunity to adjust prior-filed return (2009), last chance to make donations
• Dec. 31: last day to contribute to own RRSP if age 71, make RESP, RDSP contributions, apply for matching grants and bonds