When the time comes to prepare your tax return, it is in your best interest to take advantage of all the tax measures to which you are entitled in order to minimize your tax bill. But you still have to know them!
Before filing your return or giving it to your accountant so he can file it, make sure you have all the required receipts, slips and documents on hand.
- Some of these documents, such as your RRSP contribution receipt, will be automatically provided to you by third parties.
- In the case of certain other documents, such as your expense receipts, it will be your responsibility to gather and keep them for a minimum period of six years.
Don’t miss anything
Here we’ll cover some of the measures in effect for 2019 which are often overlooked, but which could save you a lot of money. First, a review of some important dates regarding your tax return.
Calendar: important dates!
Filing and payment deadlines
For a given year, the tax payment deadline is April 30 of the following year.
- If you are an employee, the deadline for filing your return is the same as that for paying the tax amounts you owe.
- If you are self-employed or the spouse of a self-employed worker, you have until June 15, 2020 to file your returns.
- If you have a tax balance to pay, respecting these dates is essential, because any failure to do so will result in late filing penalties as well as interest on the amounts due.
RRSP contributions made in the first 60 days of a given year can be deducted from income for the current year or the previous year.
- If you want to claim an RRSP deduction for 2019, you have until March 2, 2020 to make a contribution.
- If you choose to defer the deduction to 2020, know that you are still required to indicate this RRSP contribution on your 2019 return, even if you decide not to claim the deduction.
- If you have benefited from the HBP program in the past and have started making repayments to your RRSP, you also have until March 2, 2020 to make your repayment for 2019, in addition to your RRSP contribution.
Kahina Benbarkat, F. Pl.
Financial Planning Analyst
Want more information on these measures or on other measures which could affect you?
Contact your advisor, who can provide you with more details and even set up personalized tax strategies to meet your more complex needs.