Mid-Summer Tax & Financial Milestones

Knowledge Bureau

Midsummer happiness abounds across Canada as families take the time to recharge, enjoy the long summer days, music festivals and update tax, financial and educational milestones to get ready for a busy fall. It’s high time, in fact, to mark your calendar! To help, here’s Knowledge Bureau’s mid summer Tax and Investment Milestone Checklist. Feel free to share it with your friends, colleagues and clients:

July

July 1:   Prescribed interest rates for Q3 remain at 7% for overdue taxes, 5% for individual tax overpayments and 3% for taxable benefits, shareholder loans and corporate tax overpayments. OAS benefits increase by 1.2% for the quarter to maximum $1022.68 if OAS was delayed to age 70 and net income does not exceed $157,923.

July 3:    Canada Groceries and Essentials Benefit (CGEB) payment

July 9:    Official CE Transcript for Grads and Designates – Register to validate VIP Affinity Program

July 10:  ACWB benefit, OTB benefit

July 15:  Bank of Canada interest rate announcement

July 16: Canada disability Payment (CDB)

July 20: CCB Payment

July 24:  NLDB Benefit

July 29:  CPP, OAS, GIS benefits payment date

July 30:  Canada Veterans’ Disability Benefit payment date

July 31:  Reportable Transaction and Notifiable Transaction Information Return (2023 and later tax years). File within 90 days to report an avoidance transaction was entered into if one of three hallmarks are met.

Education Funding: Invest the CCB into RESP to obtain CESG grants or bonds

August

Aug 10:   OTB benefit

Aug 12:  Society of Distinguished Designates Quarterly Congress in Toronto – Join us! Register here 

Aug 20:  Canada disability Payment (CDB), CCB Payment

Aug 25:  NLDB Benefit

Aug 27:  CPP, OAS, GIS benefits payment date, ACFB payment

Aug 28:  Canada Veterans’ Disability Benefit payment date

Planning Review: Audit risk management: Correct tax-filing errors and omissions on T1 returns for tax years 2016-2025

Back to school expense planning review

September

Sept 2:    Bank of Canada interest rate announcement

Sept 10:  OTB benefit

Sept 15:  Quarterly tax instalment due
KB Specialized Credentials - Fall Semester Begins – Register here

Sept 17:  Canada Disability Payment (CDB)

Sept 18:  CCB Payment

Sept 23:  CE Savvy Summit – Audit Defence – Register here

Sept 25:  CPP, OAS, GIS benefits payment date, NLDB Benefit

Sept 28:  Canada Veterans’ Disability Benefit payment date

Sept 30:  Final early registration deadline – Acuity Conference for Distinguished Advisors Nov 22-24 in Victoria, BC. 

1. Planning Review: Cash Flow & Debt Management,
2. Health Risk Management: Insurance needs review, Disability Funding: Invest in RDSP,
3. Pre-Retirement: Postpone OAS and CPP?
4. Year End Tax Planning Valuations: Financial Assets, Cottage/Home/Rental Property-asset transfer strategy