Tax Tips - Tax Planning and Filing Deadlines - 2009

Canadian Tax Planning and Filing Deadlines for Ontario Residents — 2009
Some of the following are excerpts from Personal Tax Planning (Published by the Certified General Accountants Association of Ontario):

First Quarter
January 15
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.

Deadline for employers to remit Ontario employer health tax (EHT) instalment covering December 2008.

January 30
Pay intra-family loan interest related to previous taxation year, to avoid income attribution.

February 14
Reimburse employer for company car operating costs, to reduce operating benefit for the previous calendar year (optional).

February 15
Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering January 2009.

February 28
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.

Last day to issue T4s, T4As and T5s to persons and CRA.

March 02
Last day to make personal and spousal RRSP contributions applicable to previous taxation year.

March 15
First quarter installment due from taxpayers who are required to remit quarterly.

Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering February 2009.

March 31
File Trust Income Tax Return for trusts with a December 31 year-end.


Second Quarter

April 15
Deadline for employers to remit Ontario employer health tax (EHT) instalment covering March 2009.

April 30
File personal income-tax return for previous taxation year and remit balance due, if any, to CRA.
File GST rebate application for employee-related expenses deducted in previous taxation year.
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.
May 15
Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering April 2009.

June 15
Second quarter instalment due from taxpayers who are required to remit quarterly.

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.)

Deadline for employers to remit Ontario employer health tax (EHT) instalment covering May 2009.

??? Did You Know ...
That even if you are not able to pay your tax balance due, file your tax return on time anyway
(June 15 2009 for self-employed individuals and their spouses, May 1, 2009 for others) to avoid the late filing penalty?


Third Quarter

July 15
Deadline for employers to remit Ontario employer health tax (EHT) instalment covering June 2009.

August 15
Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering July 2009.

September 15
Third quarter installment due from taxpayers who are required to remit quarterly.

Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering August 2009.


Fourth Quarter

October 15

Deadline for employers to remit Ontario employer health tax (EHT) instalment covering September 2009.

November 15
Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering October 2009.

December 15
Fourth quarter installment due from taxpayers who are required to remit quarterly.

Deadline for employers to remit Ontario Employer Health Tax (EHT) installment covering November 2009.

December 31
Annual tax instalment due from individuals whose chief source of income is farming or fishing, and who choose not to remit quarterly.

Deadline for taxpayers age 71 (born in 1938) to ensure 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).

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.

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.