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BMO Wealth Management
2017 Personal Tax Calendar
While most Canadians are aware of the April 30 personal income tax ling deadline, there are other important
tax deadlines that must be observed over the course of the year – especially if you want to take advantage
of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar
and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or
a holiday recognized by the Canada Revenue Agency (CRA), the deadline is generally extended to the next
business day.
Not considering tax planning until the end of the year – or when ling your annual tax return – may limit the
opportunities available to help you minimize your overall tax bill. Talk to your BMO nancial professional and/or
your personal tax advisor about the Planning Considerations and TIPS included in this calendar and incorporate
them into your 2017 wealth planning.
Month Event Deadline
January
Family Loans
Deadline to pay annual interest on family loans to avoid income attribution for 2016.
January 30
Company Loans
Deadline to pay annual interest on company loans to reduce the amount that will be deemed a taxable
benet for 2016.
January 30
TIP: Make your 2017 RRSP and TFSA contributions at the start of the year.
Start the year off right by making your 2017 Registered Retirement Savings Plan (RRSP) and/or Tax-Free Savings Account
(TFSA) contributions. Contribution limits for 2017 are: $26,010 for RRSPs and $5,500 for TFSAs. By making your contributions
at the beginning of the year, your savings benet from tax advantaged growth sooner.
February
Company Car
Deadline to reimburse your employer and reduce your 2016 operating cost benet for the personal use
of an employer-provided automobile.
TIP: If you’re eligible for the “low personal use” classication for determining the standby charge for
a company car, inform your employer of your intention in early February; well before your employer
nalizes your T4/Relevé 1 (RL-1).
February 14