Mark Your Calendar: Important Deadlines After Tax Season

There are more tax filing milestones in sight, and tax and financial professionals will want to ensure their clients are reminded of them now with Knowledge Bureau’s handy checklist.  Most important is the June 15 tax filing deadline for those with unincorporated businesses.  But there are other important dates too.  Here are some important dates and deadlines coming up to make note of in May and June!

May:

  • May 1:  Claim for Canada Recovery Sickness and Caregiving Benefits can be made for Period 84
  • May 2: Individual tax filing deadline for 2022
  • May 3: Interest is charged on tax balances due, including 2020 tax returns filed by pandemic support recipients
  • May 7:  Most pandemic supports end
  • May 18 Knowledge Bureau CE Summit:  Budget, Retirement and Estate Planning Update
  • May 19: Apply, amend, or increase CRHP claims for Oct 24 to Nov 20, 2021 (CRHP Per.22)
  • May 20:  CCB Payment                                                                 
  • May 31:  Tax Planning – schedule a Will and estate planning review; reserve your spot at the DAC Acuity Conference in Niagara Falls, October 16-18!

June:

  • June 15:  T1 proprietorship filing deadline, quarterly tax instalment remittance is due, Closer Connection Exception Statement for Aliens (IRS Form 8840); extension to file US tax return (IRS Form 4868)
  • June 20:  CCB Payment
  • June 23:  Estimated Timeline:  Apply, amend or increase CRHP claims for Nov 21 to Dec 18, 2021 (CRHP Per.23)
  • June 30 - Form RC243 TFSA Return and RC243-Schedule A – Excess TFSA Amounts

Additional educational resources: With tax seasons 2022 winding down, it’s the right time to change gears and focus on how you can help reduce your clients’ taxes and build wealth this year and beyond.  You don’t want to miss the May 18 Virtual CE Summit for an important opportunity to start this process with a budget, retirement and estate planning update featuring Canada’s best-selling financial authors and educators.