The 2021 calendar contains important dates you need to remember to maximize your government benefits and investment options. Bookmark this or print and post it somewhere prominent.
Important dates to remember:
- When the government distributes payments for the Canada Child Benefit, the Canada Pension Plan (CPP) and Old Age Security (OAS).
- When GST/HST credit payments are issued – usually on the fifth day of January, April, July, and October.
- When the Bank of Canada makes an interest rate announcement. A change in this interest rate (up or down) can impact a bank’s prime interest rate. This can affect anything from the interest rate charged on your mortgage and line of credit, to how much the Canadian dollar is worth in comparison to other currencies.
- When to start contributing to your Tax Free Savings Account (TFSA) for 2021; the contribution limit for 2021 is $6,000.
- March 1st is the last day for your 2020 Registered Retirement Savings Plan (RRSP).
- December 31st, 2021 is the last day for 2021 charitable contributions.
- December 31st is the deadline for various investment savings vehicle contributions, including your Registered Disability Savings Plan (RDSP), Registered Education Savings Plan (RESP), and your RRSP (if you turned 71 in 2021).
- Tax filing deadlines for personal and self-employed income tax, terminal tax returns for individuals who died in 2020.
Having this information at your fingertips can help you keep on top of your finances if you are expecting government benefits. It will also help you keep abreast of any critical tax or investment deadlines!
Tax packages will be available starting February 2021; reach out to your accountant to get started on your taxes.
If you have any questions on how we can help with your 2021 finances, please contact us.