Tax Deadline Canada 2016

Canada Tax Deadline 2016

Just a quick post here since we're quite close to the first Canadian tax deadlines for 2016.

RRSP Deadlines

First, February 29th, 2016 is the last day you can make an RRSP contribution and have it count toward your 2015 taxes & reduce your taxable income.

Home Buyers' Plan

If you made a withdrawal from your RRSP under the Home Buyers' Plan in 2015, you have to buy or build your new home before October 1, 2016.

Lifelong Learning Plan

If you've made a withdrawal from your RRSP Lifelong Learning Plan for your education or your spouse's, you have to receive a written offer of enrollment before March 2016.

Canada Tax Deadline 2016

For most people, tax filings & payments are due on May 2, 2016. If you're late, you could be subject to fines & penalties if you end up owing taxes. But even if you would have received a refund from the CRA, failing to file can delay you receiving credits like the GST/HST credit, Canada child tax benefit payments, and Old Age Security.

Self-employed

Now, if you're self-employed like me (even while also carrying on a job as an employee), you get a bit more time to file your return and that of your spouse. Your deadline is June 15, 2016. The catch is that if you owe taxes, the tax owed is due on May 2, 2016.

Now if you're expecting to be under the gun you can always ask your tax preparer to give a cautious estimate and send a payment in by the deadline. If you do your own taxes, SimpleTax and TaxTips both have calculators you can use to make your own estimate. Any overpayment will be refunded once your return is filed.

Notes on Tax Deadline Canada 2016

All deadlines per Canada Revenue Agency's RRSP deadlines here & tax deadlines here. This post does not constitute individual tax advice: please consult your tax professional.

 

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