Time's running out: RRSP and other tax-time deadlines you ought to know
A T1 General tax form is shown in this file photo. THE CANADIAN PRESS/Graeme Roy
TORONTO -- You still have two months left to file your 2019 Canadian taxes, but that’s not the only important deadline during tax season. Here are some other dates to keep in mind.
Monday, March 2 - today - is the last day you can contribute to your registered retirement savings plan (RRSP) if you want to include it with your 2019 return. The exception would be if you turned 71 or older last year. Dec. 31 of the year you turn 71 was the final day you could contribute to your own RRSP.
TAX RETURN AND BALANCE OWING DEADLINE
April 30 is the final day you can file your 2019 income tax return. If you owe money to the government, it must be paid by this date. Canada Revenue Agency will start charging compound daily interest on May 1, 2020 if there are any unpaid amounts owing. You can avoid that penalty, however, by filing your return on time.
You have until June 15 to file, but the April 30 deadline still applies if you owe money.
FILING FOR A DECEASED PERSON
If the person died between Jan. 1 and Oct. 31, 2019, the due date is April 30, 2020. If the person died between Nov. 1 and Dec. 31, 2019, the deadline to file is six months after the date of death. More details and information can be found on the Canada Revenue Agency website.
The annual deadline to contribute to an RESP to help you save for your child’s higher education was Dec. 31.
If you make payments in installments throughout the year, those due dates are on the 15th of March, June, September and December in the year that you are earning the taxable income.