Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2016 are listed below.
RRSP deduction limit increases to $24,930
The RRSP contribution limit for the 2015 tax year (for which the contribution deadline is Monday, February 29, 2016) will increase to $24,930. In order to make the maximum current year contribution for 2015, it will be necessary to have had earned income for the 2014 taxation year of $138,500.
TFSA contribution limit for 2016 reduced
The TFSA contribution room limit for 2016 is reduced to $5,500. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover or re-contribution amounts from previous taxation years.
Individual tax instalment deadlines for 2016
Millions of individual taxpayers pay income tax by quarterly instalments, which are will be due on the 15th day of each of March, June, September, and December 2016.
Individual tax filing and payments deadlines for 2016
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2015 tax year April 30, 2016.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2015 on or before April 30, 2016. As April 30, 2016 falls on a Saturday, payments and returns will actually be due this year on or before Monday, May 2, 2016. Self-employed taxpayers and their spouses must file a 2014 income tax return on or before Wednesday, June 15, 2016.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.