Here we are in a new year, decade, century and millennium. Y2K aside, still has the feel of the old millennium other than every time I write the date!

New millennium or not, Canada Customs and Revenue Agency (CCRA) which used to be called Revenue Canada, hasn’t changed the deadlines of anything relating to taxes. So...let’s take a look
at what those deadlines are.

January 30 is the deadline to pay interest on a loan from a family member if the loan was used to generate taxable income. Otherwise, the taxable income generated is taxed back in the hands of
the lender.

For employees, February 14 is the deadline to reimburse your employer for personal costs of the company car used. So, if you drive a company car and part of it is for personal use, consider reimbursing your employer for that personal use. This reduces the taxable operating benefits for you.

February 28 has two deadlines. The first is regarding the standby charge for using a company car
and reporting personal use. This, like the February 14 item, is optional but should be considered.
The advantage appears when the miles driven in the year were at least 90% for business and the personal portion was less than 12,000 kilometers.

The other February 28 deadline is for issuing T4s, T4As and T5s. The penalties on late issuance
are pretty steep.

March 1 is RRSP deadline for personal and spousal contributions.

March 15, June 15, September 15 and December 15 are the deadlines for quarterly installments from eligible taxpayers.

March 31 is the deadline for filing Trust Income Tax Returns that have a December 31 year-end.

April 30 is the "wonderful" deadline for filing personal income tax returns and paying any balance due. Also is the deadline for filing GST rebate applications for employee-related expenses. Yes, it
is a wonderful date for some. I get to sleep again after this!

June 15 is the due date for personal income tax returns of self-employed taxpayers. This includes their spouses. Any taxes owing are due by April 30, though. Yes, it seems a little odd having the taxes due before the tax return is due but that is probably how CCRA likes it!

December 31 has a few deadlines to pay attention to. The annual tax installment for unincorporated farms and fishing operations is due. Taxpayers that have turned 69 during the year must roll their RRSPs over to an annuity or RRIF or cash them in. Also, December 31 is the last opportunity to make an RRSP contribution for a 69-year-old. In this situation, you do not have 60 days after the
end of the year to do it.

Ensure tax-deductible fees, expenses and credits for the year have been paid by December 31. This includes accounting, investment counsel, RRSP administration fees, interest carrying charges, safety deposit box fees, employee-related moving expenses and charitable donations.

This article is provided for information purposes only and should only be used in conjunction with the appropriate advice about your specific situation from an appropriate professional.