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Looming Tax Deadlines – December 2010 to April 2011

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This calendar includes many key tax deadlines during the next few months.

Among the deadlines not included are those for provincial payroll taxes, payroll withholdings, provincial health insurance premiums, workers’ compensation, federal and provincial corporate income and capital tax payments, Goods and Services Tax/Harmonized Sales Tax and provincial sales taxes.

Deadlines falling on holidays or Sundays may be extended to the next business day.

December

2011

January

February

March

2010

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Su

Mo Tu We Th Fr Sa

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April

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11 12 13 14 15

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Dec. 15 Final quarterly instalment of tax due: For individuals (other than unincorporated farmers and fishermen)

Dec. 24 Final trading day on which to settle a trade in 2010:

  • Canadian stock exchanges: Likely December 24

  • U.S. and others: Consult your broker

Dec. 31 Final payment date for a 2010 tax deduction or credit:

  • Alimony and maintenance payments

  • Charitable donations

  • Child care and child fitness expense

  • Contributions to your own RRSP if you are 71 by December 31

  • Employees’ legal fees to collect unpaid remuneration

  • Employees’ registered pension plan contributions

Employer-provided automobile:

s

  • Interest (for paid-basis taxpayers)

  • Investment counsel fees and other investment expenses

  • Medical expenses

  • Moving expenses (of individuals)

  • Political contributions

  • Safety deposit box rental fees (not deductible in Quebec)

  • Tuition fees and interest on student loans

  • Employees should notify employers if the alternative operating cost

benefit calculation is advantageous (need > 50% business use)

  • Last day to make payments to employer to reduce standby charge

Final instalment of tax due:

  • For unincorporated farmers and fishermen

  • Others: See December 15

Other items for employees and employers:

  • Last day to purchase and make “available for use” business-use capital

assets for CCA claim in 2010

Jan. 10

Quebec employees with employer-provided automobile: Last day to provide

Jan. 15

employer your logbook (deadline is earlier in some cases) Stock option benefits: Last day for employees to file or revoke designations to

defer stock option benefits on options exercised in 2010, but on or before 4:00 pm EST on March 4, 2010. U.S. taxes: estimated tax payments due for individuals

Jan. 30

Loans:

  • Interest due on intra-family loans

  • Non-deductible interest due on loans from employer (to reduce interest benefit)

Feb. 14 Employer-provided automobile: Last day to reimburse employer for costs to reduce operating cost benefit

Feb. 28 Tax reporting slips: Filing deadline for T4, T4A and T5 Summary and Supplementaries

Employer-provided automobile: Last day to notify employer regarding reduction in standby charge benefit for low personal use of vehicle (<50%), but for practical purposes it must be earlier

RRSPs: • Last day for all regular 2010 contributions • In respect of taxpayers who died in 2010, the last date for contributions to a surviving spouse’s RRSP for a deduction in deceased’s final return • Home Buyer’s Plan repayment due Mar. 15 Quarterly instalment of tax due Mar. 1

Mar. 31 Income tax returns for inter vivos trusts: Last day to file without penalty

Tax reporting slips: Filing deadline for NR4 Summary and Supplementaries relating to amounts paid or credited to non-residents of Canada

Apr. 15 U.S. taxes:

  • Final 2010 and 2011 estimated tax payments for individuals due

  • U.S. individual tax return due (an extension may be available)

Apr. 30 Personal income tax returns: Last day to file without penalty, except:

  • June 15 if individual or spouse carried on a business in the year

  • deadline may be later if individual or spouse died

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