Important tax dates for 2024
Like all wealth planning, tax planning is not simply a one-and-done exercise. Instead, it involves ongoing annual planning and review with your wealth and tax professionals, considering your particular facts and circumstances as they change and evolve. Tax deadlines are an essential part of tax planning.
Here are some important tax dates to consider:
As of January 1, 2024
Quarter 1
| Dates | Details |
|---|---|
| January 1 | New Tax-Free Savings Account (TFSA) contribution room becomes available. 2024 TFSA limit is $7,000. New Registered Retirement Savings Plan (RRSP) contribution room becomes available. 2024 RRSP limit is $31,560. |
| January 30 | Deadline to pay interest on income-splitting prescribed rate loans to avoid income attribution. |
February 29* | Deadline to contribute to your RRSP and be able to claim a deduction for the 2023 tax year (including Home Buyers' Plan/Lifelong Plan repayments). Deadline to issue T4/RL-1, T4A/RL-2, and T5/RL-3 income tax slips. Deadline for the balance of income tax due for most corporations with a December 31 year-end (for a Canadian-Controlled Private Corporation (CCPC), which meets certain criteria, taxes are due three months after the corporation's year-end). |
| March 15* | First quarterly personal income tax instalment is due. |
| March 30* | Deadline to file most trust income tax returns. Deadline to issue most T3/RL-16 income tax slips. |
| March 31* | Deadline to file most partnerships income tax returns. Deadline to issue most NR4 and T5013/RL-15 income tax slips. |
Quarter 2
| Dates | Details |
|---|---|
| April 15 | Deadline to file 2023 U.S. individual income tax returns or 6-month extension requests and to pay any income tax due for 2023. Deadline to file 2023 U.S. Report of Foreign Bank and Financial Accounts (FBAR) FinCEN Form 114 for U.S. persons. Generally, the deadline is automatically extended for six months. |
| April 30* | Deadline to file personal income tax returns for 2023 where you or your spouse/common-law partner does not have self-employed business income and to pay any income tax due for 2023. Deadline to pay any income tax due for 2023 where you or your spouse/common-law partner has self-employed business income. Extended deadline for residential property owners affected by the Underused Housing Tax (UHT) to file their returns and pay any tax owing for the 2022 calendar year. Deadline for residential property owners affected by the UHT to file their returns and pay any tax owing for the 2023 calendar year. |
June 15* | Second quarterly personal income tax instalment is due. Deadline to file personal income tax returns for 2023 where you or your spouse/common-law partner has self-employed business income. Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end. Deadline to file 2023 U.S. individual income tax returns for U.S. citizens or resident aliens residing abroad and U.S. non-residents with no withholding tax. |
| June 30* | Deadline to file corporate income tax returns for 2023 where the corporate year-end is December 31. |
Quarter 3
| Dates | Details |
|---|---|
| September 15* | Third quarterly personal income tax instalment is due. |
Quarter 4
| Dates | Details |
|---|---|
| December 15* | Fourth quarterly personal income tax instalment is due. |
| December 27 | Last trading day to complete trade settlement in 2024, notably for tax-loss selling planning. The last trading day to complete trade settlement in 2024 may be December 30. It is anticipated that as of May 27, 2024, the standard settlement cycle for most North American trades in securities shortens to a proposed one day after the trade date (T + 1) from the current standard of two days after trade date (T + 2). Please speak with your relationship manager for more information about your particular circumstances. |
December 31 | Deadline to contribute to your First Home Savings Account (FHSA) and be able to claim a deduction for the 2024 tax year. Deadline to make charitable donations to be claimed for the 2024 tax year. Deadline for Registered Education Savings Plan (RESP) and Registered Disability Savings Plan (RDSP) contributions to receive respective government grants. Deadline to contribute to your RRSP if you turn age 71 in the year. Deadline to convert your RRSP to a Registered Retirement Income Fund (RRIF) if you turn age 71 in the year. Deadline to close your FHSA if you turn age 71 in the year. |
* If the deadline falls on a Saturday, Sunday, or a holiday, you have until the next business day.
In conclusion
This is only a reminder of certain tax deadlines. Everyone's situation is unique, and any general tax planning opportunity may not benefit every person. Speak with your own tax advisor for further discussion and analysis and before implementing any tax planning strategies.