- March 19, 2015
- Posted by: Harpreet
- Category: Tax Tips
Is it tax time already?
A few remainders and tax tips as we enter busy season!
- The deadline for RRSP contributions for the 2014 tax year is March 2, 2015
- T4 slips for 2014 must be distributed to employees on or before February 28, 2015
- Some remittance thresholds -changed for 2015 payrolls. Ensure you pay your remittances on time to avoid penalties.
- The 2015 contribution limit for TFSAs is $5,500. At the current rate of inflation, it will increase to $6,000 in 2018.
- The Children’s Fitness Tax Credit is being increased from $500 to $1,000 for the 2014 and subsequent taxation years, and will be made refundable for the 2015 and subsequent taxation years.
- Safety deposit box fees paid in 2014 and subsequent years is no longer deductible!
- Foreign reporting rules are becoming more stringent. If you own “specified foreign property” property with a cost of more than $100,000, The T1135, or Foreign Income Verification Statement needs to be prepared.
Call us today @ 416.509.2365 for a complimentary first meeting! Stay tuned for more tax tips!