Failure to meet the Canada Revenue Agency's deadlines for filing tax returns, making RRSP contributions, paying amounts owed and other tax-related business can cost you in penalties. To spare you getting dinged unnecessarily, we've highlighted a few important dates to keep in mind over the next few months.
February 11 — First day for the electronic filling of 2012 personal income tax returns using Netfile.
February 28 — Deadline for employers to issue T4, T4A and T5 tax slips. Deadline for receiving a written offer to enroll in a qualifying educational program after withdrawing RRSP funds in 2012 under the Lifelong Learning Plan.
March 1 — Deadline for 2012 tax year RRSP contributions.
March 15 — First instalment due for taxpayers remitting quarterly.
March 31 — Deadline to pay any 2012 penalty tax owing on excess RRSP contributions.
April 1 — British Columbia returns from a Harmonized Sales Tax to a GST and a new 7% Provincial Sales Tax. P.E.I. harmonizes its PST with the GST at a reduced rate of 14%, slightly less than the 14.98% HST Quebec introduced in January 2013.
April 30 — Midnight deadline for filing Canadian income tax return without interest penalty if payment is due.