February 24, 2017
Personal Tax Season is Here!
The EFILE program has opened up for electronic filing of your 2013, 2014, 2015 and 2016 personal income tax and benefit returns.
RRSP Contribution Deadline Wednesday March 1, 2017!
RRSP Contribution Deadline Looms for Wednesday March 1, 2017 for the 2016 taxation year. So if you have not yet purchased a RRSP, then it is time.
Otherwise, please put your tax information slips together using the custom checklist that was mailed out to you (as a client) and once your ready and have all your documents, please drop off your package after March 1, 2017. Employee tax returns are due Monday May 1, 2017 and those sole proprietors are due June 15, 2017.
T4, T4A, T5 Deadlines are Tuesday February 28, 2017!
What has us busy at !his time of the year is preparing the T4's, T5's and T4A's for companies which need to issue them to staff. Please remember that taxable benefits are income on the T4 and familiy members should not be paying EI premiums in most situations. This area if not completed correctly will cause CRA to follow up and likely trigger an audit, so using a CPA, CA at this time is beneficial in this process to reduce and manage this audit risk.
Hope you have a great month and now onto personal tax season. Please note that both the Federal and Ontario budgets are on the horizon and so more changes and news to come in the near term with lots of speculation regarding higher capital gains taxes, see how the deficit is running, and what other give aways and new taxes arise.
Notice to Reader - Warning and Disclaimer
This monthly update was prepared on February 24, 2017