Each new tax year brings with it a new list of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2017 are listed below.
RRSP deduction limit increases to $25,370
The RRSP contribution limit for the 2016 tax year (for which the contribution deadline is Wednesday March 1, 2017) will increase to $25,370. In order to make the maximum contribution for 2016, it is necessary to have had income of $140,950 in 2015.
TFSA contribution limit for 2017
The TFSA contribution limit for 2017 is unchanged at $5,500. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover or re-contribution amounts from previous taxation years.
Individual tax instalment deadlines for 2017
Millions of individual taxpayers pay income tax by quarterly instalments, which will be due on the following dates in 2017:
Wednesday March 15;
Thursday June 15;
Monday October 16; and
Friday December 15.
Individual tax filing and payment deadlines for 2017
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2016 tax year is Monday May 1, 2017. Taxpayers (other than the self-employed and their spouses) must also file a tax return for the 2016 tax year on or before Monday May 1, 2017. Self-employed taxpayers and their spouses must file their tax returns for 2016 on or before Thursday June 15, 2017.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.