In addition to providing important tax dates, the following calendar lists a number of tax-friendly strategies to help maximize your tax savings. Please note: if any deadline falls on a weekend, the deadline is moved to the following Monday.


15th 30th

Deadline for an employee to inform their employer of any deferred stock options benefits related to a stock option exercise from previous year

Deadline to pay interest for previous year on a family loan at prescribed interest rates

Tax Strategies for January:

  • Consider making a maximum lump-sum Registered Retirement Savings Plan (RRSP) contribution for current year.
  • Consider making a lifetime over-contribution to your RRSP.
  • Review your personal financial plan, including your estate plan to ensure it is still appropriate.



    Deadline for employers (even for those employing a nanny or babysitter) to send in a T-4 Summary to the Canada Revenue Agency (CRA). In addition, a copy of the T-4 slip must be delivered or mailed to the employee by February 28th.


    1st 15th 31st

    RRSP contribution deadline. If it’s a leap year, the deadline is February 29. This deadline applies for regular RRSP contributions, retiring allowance RRSP contributions, or Home Buyers’ Plan or Lifelong Learning Plan RRSP repayments.

    1st quarterly Canadian tax installment is due. Inter-vivos/Living Trust tax return deadline. If it is a leap year, the deadline is March 30th.
    Labour-Sponsored Fund contribution deadline. If it’s a leap year, the deadline is February 29.

    Tax Strategies for March:
    If you are expecting a tax refund, consider filing your personal tax return early, but only after you have received all your necessary tax information.


    15th 30th

    U.S. resident tax return or 6-month extension request deadline. Deadline for extension request for non-resident aliens who are subject to withholding tax. Deadline for the balance owing to avoid interest charges.

    Deadline to file your Canadian personal tax return and pay any balance owing, to avoid paying interest and a late filing penalty.

    Tax Strategies for April:
    Consider the impact of the new Federal and Provincial Budgets on your personal finances.



    2nd quarterly Canadian tax installment is due.

    Deadline for filing Canadian tax return if you or your spouse has self-employment income. However, if there is a balance owing, the tax must be paid by April 30th to avoid underpayment interest charges.
    Deadline for filing U.S. tax return for U.S. citizens living in Canada and non-resident aliens, not subject to withholding tax. However, to avoid interest charges, any balance owing of unpaid taxes must be paid by April 15th.



    3rd quarterly Canadian tax installment due.


    Tax Strategies for November:
    Consider using an investment tax shelter to reduce your current year taxable income.
    If you expect significant tax deductions next year, consider applying now for a tax waiver to the CCRA on Form T1213 to reduce withholding taxes at source on employment income.


    15th 31st

    4th quarterly Canadian tax installment due.

    Registered Education Savings Plan (RESP) contribution deadline.

    Tax Strategies for December:
    Consider selling securities with accrued losses that no longer meet investment objectives to offset realized capital gains. Ensure that the trade settles in the current calendar year and superficial losses are avoided.
    To obtain a tax deduction in the current year, pay your deductible expenses and make charitable donations before year-end.
    If you turn 71 during the year, make your final RRSP contribution before the end of the year. Contributions to your RRSP cannot be made after the end of the year in which you turn 71. If you are over age 71 and still have unused RRSP contribution room, you can make your RRSP contribution to a spousal RRSP if your spouse is age 71 or under.
    Consider delaying purchasing new mutual funds in non-registered accounts to avoid prepayment of tax on year-end distributions.


    Recognizing how gains from stocks, bonds, mutual funds and other investment income (interest, dividend and foreign) are taxed differently is key to optimizing your after-tax rate-of-return. While evaluating investments based on their after-tax return is important, you should also consider such factors as the investment’s risk, the opportunity for capital appreciation, liquidity, and so on. It is also important to note that in most cases, you will retain more after-tax income from capital gains than either Canadian-sourced dividends or interest income.

    Talk to your Investment Advisor about steps you can take to maximize your after-tax investment income.



    When interest rates are low, you may be attracted by the strategy of borrowing to invest, also known as leveraged investing.
    Unfortunately, when deciding whether to use leverage, many people simply consider the current interest-rate environment and past market performance without evaluating their complete financial situation. Borrowing money to purchase investments is definitely not a strategy for the faint of heart. It involves significant resolve as well as various factors that should be considered and adhered to.
    Discuss the benefits vs. the risks with your Investment Advisor before deciding whether borrowing to invest is right for you. Tax implications will depend on your individual situation and the type of investment you choose.


    Income splitting is the reallocation of income among family members (including spouse, minor and adult child) to reduce the total amount of money paid by the family unit. A well-accepted tax-planning method, shifting income from a family member in a high tax bracket to one in a lower tax bracket can result in greater after-tax income. And although income attribution rules restrict the number of income-splitting opportunities available, there are still a number of effective ways of splitting income with family members.

    Note: To ensure the desired results are achieved, income-splitting methods should be discussed with a qualified tax advisor prior to implementation.


    There are two types of savings plans many investors consider when putting aside money for a child’s post-secondary education:

  • A Registered Education Savings Plan (RESP) is a tax-effective method of saving as income earned in a RESP (and not withdrawn) is tax deferred
  • An In-Trust account offers a unique opportunity to split investment income among family members and thus benefit from a lower overall tax burden

  • Although income earned in a RESP is tax deferred until withdrawn, annual contributions are limited and are not tax deductible. In contrast, income earned in an In-Trust Account is taxable each year. However, there are no limits to the amount of contributions, making it a flexible alternative. For more information on education savings plans, please speak with your Investment Advisor.


    A tax shelter is an investment that provides significant deductions against your other taxable income. By taking these deductions, you can reduce your total taxable income and thereby reduce the amount of tax payable to the Canada Revenue Agency.
    Investors generally view the reduction in taxes payable as a tax savings, but it is more accurately viewed as a tax deferral, since ultimately either income derived from the investment or upon the sale of the investment will incur a tax liability.
    Many tax shelters are considered long-term investments, and most are typically set up as either a limited partnership or as a flow-through share. Tax shelters sometimes require large investments, present a bigger degree of risk and may become subject to the Alternative Minimum Tax (AMT).
    In addition, tax shelters are most appropriate for investors in the top marginal tax bracket, since the value of any tax deduction is maximized. Consult a qualified tax advisor prior to purchasing a tax shelter to ensure it is appropriate in your situation.