 Photo by Jason Leung on Unsplash Hello everyone!
It's February and there are several days that you may be celebrating or want to take notice of for this month: - Feb 10: Chinese New Year day - Feb 14: Valentine's day - Feb 19: Family day (BC) - Feb 19: The first day we can e-file 2023 tax return. CRA's (Canada Revenue Agency) system will open at 8:30am (Eastern Time). - Feb 29 - RRSP (Registered Retirement Savings Plan) contribution deadline, since 2024 is a leap year. Which day/s is/are important to you? 2024 Tax Season is coming up soon. Here are tips for this month. 1. Some other dates to take note of, relating to your 2023 Canadian taxes. - Apr 30: Deadline to file your 2023 tax return, unless you or your spouse are self-employed. - June 17: Deadline for self-employed taxpayers and their spouses/common-law partners to file their 2023 tax returns. Normally the deadline is June 15th. However, since June 15th falls on a Saturday this year, the deadline is pushed to the next business day, which is Monday, June 17th. So you have 2 extra days this year. :) I don't recommend you wait until the last minute though; file your taxes as soon as you can, especially if you have a refund. If you have balance owing, it is due on April 30th, even if your tax due date is June 17th. 2. Do you have extra money that you don't need until retirement? Are you in a high tax bracket? You can park your extra money in your RRSP. How much can you contribute to your RRSP? Check your latest NOA (Notice of Assessment). If you took out money from your Home Buyers Plan and you have to pay it back for 2023 tax year, don't forget to contribute that minimum amount. Otherwise, it will be considered income (as if you withdrew the amount from your RRSP). If you would like to know how much you should contribute to your RRSP, you can enter your information in a tax software and play around with different RRSP contribution amounts to see how much less in tax payable or how much more refund you'll be getting. You can also book a time with me to do a rough draft of your 2023 taxes to see how much RRSP you need to contribute before the Feb 29th deadline. Here is my calendar: EFFIE'S AVAILABILITY 3. Did you know that in Canada there is no filing jointly? Couples may have their files linked together in a software to maximize deductions and tax credits, but each person must file his/her own taxes. 4a. If you would like to learn more about your taxes, here is CRA's website: https://www.canada.ca/en/revenue-agency/services/tax/individuals/educational-programs.html 4b. Did you know that CRA provides free webinars and you can watch past webinars as well? Here is a link for CRA's upcoming events: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/help-others/outreach/upcoming-events-products.html 4c. If your tax situation is simple and your income is not high, you may qualify for a free service at your local tax clinics. Book now because they filled up quickly. Here is CRA's website to read more about getting free tax help: https://www.canada.ca/en/revenue-agency/campaigns/free-tax-help.html Finally, if you need help with your taxes, I offer:
That's all for February. Thank you for reading. If you are on social media, follow me on YouTube Instagram Facebook LinkedIn X Have a great month!
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AuthorCommitted to help clients to be literate about their personal financial situations, to reduce their money-related stress, and to help them achieve their financial goals. Archives
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