It is that time of the year again: the RRSP season and the income tax return season. I would like to remind you that we do offer bookkeeping & tax return services.
Please contact us directly to schedule appointments and discuss how you can benefit from our services.
Important items/deadlines for the 2017 tax year:
RRSP Contribution Deadline: March 1st 2018 for the 2017 tax year. Yes, it is just around the corner. Why wait until the deadline? Do it as early as you possibly can.
RRSP Maximum Contribution Limit is $26,010 for 2017 tax year, or 18% of your earned income, whichever is lower, plus any unused contribution room from previous years.
T4/T4A/T5 Return Deadline: February 28th 2018, for the 2017 tax year.
Interest Payment Deadline: January 30th 2018, for interest payment on employee loans and prescribed rate loans.
Income Tax Return Deadline: April 30th 2018 for most taxpayers. If you or your spouse carried on a business in 2017, you have until June 15th 2018 to file your return. However, your balance, if any, still has to be paid no later than April 30th 2018 to avoid interest and penalty.
- If you are expecting a refund, file your return now and get back your money as soon as possible.
- If you are expected to pay, send in your return before April 30th 2018 even if you can’t pay your balance, to avoid late-filing penalty.
Business GST/HST Return Deadline: June 15th 2018, for most GST/HST registrants, if you have an annual reporting period. However, your balance, if any, has to be paid no later than May 1st
Got married/divorced in 2017? Had a baby in 2017? Change in these statuses can impact your taxes and benefits. Make sure to mention these changes to your income tax professional.
Home Accessibility Credit: You can claim up to $10,000 of eligible expenses. If an eligible expense also qualified as a medical expense, you can claim both the medical expenses tax credit and the home accessibility credit for that expense.
Bought your home in 2017? For qualified first time home buyers or eligible persons with disabilities, you can claim the home buyers’ amount of $5,000 for the purchase of a qualifying home. You may also be eligible for a new housing rebate for some of the GST/HST paid.
Sold a house in 2017? Starting 2016, you have to report the sale on your tax return in the year you sold it. However, if it is your principal residence, you usually do not have to pay any capital gain tax.
Moved in 2017? You may be eligible to claim moving expense if your new home is at least 40 kilometers (by the shortest usual public route) closer to your new work/school.
Most companies and institutions have started sending out the receipts and T-slips.
I suggest you start a brand-new folder for those and keep them all in there as they arrive. This will make it much easier when the time comes for filing your income tax returns.
Remember to always “Dream It. Plan It. Live It.”
I am here to help you on your journey. Do not hesitate to reach out if I can be of any assistance.