Tax Tips - Tax Planning and Filing Deadlines - 2009

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#006699" TEXT="#080000" background="043085a3.jpg"> <div> <FONT SIZE="5" COLOR="#000000" FACE="Arial" ><B>Michael H. Storoszko, CGA</B></FONT><B>    </B><B> </B><B>|   </B><FONT SIZE="1" COLOR="#FFCC33" FACE="Arial" ><B>  </B></FONT><FONT SIZE="2" COLOR="#FFCC33" FACE="Arial" ><A HREF="index.htm" TARGET="_top" TITLE="Michael H. Storoszko, CGA"><B>HOME</B></A></FONT></div> <div> <I>Tax Tips - Tax Planning and Filing Deadlines - 2009</I></div> <DIV ALIGN="LEFT"></DIV> <div> </div> </td> </tr><tr> <td valign="top" width=195 BGCOLOR="#FFFFFF" TEXT="#080000" background="044d2e83.jpg"> <div> <A HREF="tax_tips.htm" TARGET="_top" TITLE="Michael H. 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Storoszko, CGA  at (416) 828-9804 or your professional tax advisor.</div> <bR> </td> <td valign="top" height=390 width="100%" BGCOLOR="#FFFFFF" TEXT="#080000" background="04507073.jpg"> <div> <I>Tax Tips - Tax Planning and Filing Deadlines - 2009</I></div> <bR> <div> <B>Canadian Tax Planning and Filing Deadlines for Ontario Residents — 2009</B></div> <div> <I>Some of the following are excerpts from Personal Tax Planning (Published by the Certified General Accountants Association of Ontario):</I></div> <bR> <div> <TABLE BORDER="1" CELLPADDING="1" CELLSPACING="1" WIDTH="693" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 16 WIDTH="683"><div> <B>First Quarter</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 81 WIDTH="88"><div> January 15</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> Deadline for employees who acquired qualified publicly listed shares under employee stock-option plans in 2008 to file a letter indicating their intention to defer related benefits. </div> <bR> <div> Deadline for employers to remit Ontario employer health tax (EHT) instalment covering December 2008. </div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> January 30</div> </tD> <tD VALIGN=TOP><NOBR><div> Pay intra-family loan interest related to previous taxation year, to avoid income attribution.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 ><NOBR><div> February 14</div> </NOBR></tD> <tD VALIGN=CENTER WIDTH="592"><div> Reimburse employer for company car operating costs, to reduce operating benefit for the previous calendar year (optional). </div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 ><NOBR><div> February 15</div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering January 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 114 ><NOBR><div> February 28</div> </NOBR></tD> <tD VALIGN=CENTER WIDTH="592"><div> Last day to report personal use for previous calendar year if personal distance travelled was not greater than 20,000 kilometres and at least 50 per cent of the distance was for business purposes, in order to reduce standby charge for company car (optional). For practical purposes, however, taxpayers who choose to make this report should really do so by mid-February. </div> <bR> <div> Last day to issue T4s, T4As and T5s to persons and CRA.</div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="88"><div> March 02</div> </tD> <tD VALIGN=CENTER><NOBR><div> Last day to make personal and spousal RRSP contributions applicable to previous taxation year. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 64 WIDTH="88"><div> March 15</div> </tD> <tD VALIGN=CENTER><NOBR><div> First quarter installment due from taxpayers who are required to remit quarterly. </div> <bR> <div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering February 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> March 31</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> File Trust Income Tax Return for trusts with a December 31 year-end.</div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 48 WIDTH="683"><bR> <div> <B>Second Quarter</B></div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> April 15</div> </tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario employer health tax (EHT) instalment covering March 2009.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 81 WIDTH="88"><div> April 30</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> File personal income-tax return for previous taxation year and remit balance due, if any, to CRA. </div> <div>  </div> <div> File GST rebate application for employee-related expenses deducted in previous taxation year.</div> <div> Personal Income Tax Return due for most individuals (except self-employed individuals and their spouses). Balance due, if any, must be paid today to avoid interest charges.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> May 15 </div> </tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering April 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 210 WIDTH="88"><div> June 15</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> Second quarter instalment due from taxpayers who are required to remit quarterly. </div> <bR> <div> Due date for personal tax returns of individuals with self-employed business income, or spouses/common-law partners of taxpayers with self-employed business income. (Payment of tax balance still due April 30, 2009.)</div> <bR> <div> Deadline for employers to remit Ontario employer health tax (EHT) instalment covering May 2009.</div> <bR> <div> <I><B>??? Did You Know ...</B></I></div> <div> <I>That even if you are not able to pay your tax balance due, file your tax return on time anyway</I></div> <div> <I>(June 15 2009 for self-employed individuals and their spouses, May 1, 2009 for others) to avoid the late filing penalty?</I></div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 48 WIDTH="683"><bR> <div> <B>Third Quarter</B></div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> July 15</div> </tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario employer health tax (EHT) instalment covering June 2009.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> August 15</div> </tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering July 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 64 ><NOBR><div> September 15</div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><div> Third quarter installment due from taxpayers who are required to remit quarterly. </div> <bR> <div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering August 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 32 WIDTH="683"><bR> <div> <B>Fourth Quarter</B> </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 48 ><NOBR><bR> <div> October 15 </div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><bR> <div> Deadline for employers to remit Ontario employer health tax (EHT) instalment covering September 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 ><NOBR><div> November 15</div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering October 2009. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 81 ><NOBR><div> December 15</div> </NOBR></tD> <tD VALIGN=CENTER WIDTH="592"><div> Fourth quarter installment due from taxpayers who are required to remit quarterly.</div> <bR> <div> Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering November 2009. </div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 260 ><NOBR><div> December 31</div> </NOBR></tD> <tD VALIGN=CENTER WIDTH="592"><div> Annual tax instalment due from individuals whose chief source of income is farming or fishing, and who choose not to remit quarterly. </div> <bR> <div> Deadline for taxpayers age 71<I> </I>(born in 1938)<I> </I>to ensure<I> </I>2009 contributions to their own RRSP are made. It is also the deadline for such individuals to convert their RRSPs to either RRIFs or life annuities. (People in that situation should, however, consult a certified general accountant who practises personal financial planning well in advance of that date to discuss the various options available to them). </div> <bR> <div> Deadline for taxpayers who qualify to have the operating-cost benefit with respect to an automobile used for employment, calculated as half the amount of the annual standby charge, to notify their employer in writing of such intentions. </div> <bR> <div> Ensure tax-deductible fees (e.g., accounting, investment counsel, interest carrying charges and safety-deposit box), expenses, (e.g., employee-related moving expenses) and credits (e.g., for charitable donations and medical expenses) for the current taxation year have been paid. </div> <bR> </tD> </tR> </TABLE></div> <bR> <bR> <bR> <bR> </td> </tr></table></body>