Several tax deadlines come early this year: BMO

Dec. 31 is the last day to contribute to some registered plans have

As the New Year approaches, BMO Financial Group reminded Canadians today that December 31st marks the last day to contribute to certain registered plans. It is also a key deadline for Canadians who want to take advantage of tax deductions.

Tina Di Vito, Head, BMO Retirement Institute, cautioned Canadians to act now to get their contributions and tax planning in order before December 31. Waiting until the New Year to start thinking about taxes is often too late, as many of the cut-off dates for tax deductions and credits fall at the end of the calendar year.

“With all the distractions around this time of the year, it’s easy to forget about key end-of-year personal finance deadlines. With a little bit of planning and help from a financial or tax professional, making arrangements now can make the New Year less stressful,” said Ms. Di Vito.

Tina Di Vito Reminds Canadians of the Following Year-End Deadlines:

Tax-loss Selling – Deadline: December 23

—  If you have investments that have depreciated in value, consider selling

these investments before year-end to offset capital gains realized

earlier in the year to reduce your overall tax bill. It is important to

ensure that a sale makes sense from an investment perspective, since

stocks sold at a loss cannot be repurchased until at least 30 days after

sale to be effective. Be sure to work with your BMO advisor when

implementing this strategy.


RDSP Contributions for Grants and Bonds – Deadline: December 31(i)

—  Designed for individuals with disabilities, the Registered Disability

Savings Plan (RDSP) combines the advantages of tax deferred investment

growth with the opportunity to receive government subsidies. December 31

is the annual contribution deadline for receiving Grants and Bonds from

the government.

—  December 31 is also the last day for Grants and Bond eligibility for

those beneficiaries who are turning 49 years of age, and is the last day

contributions are permitted to the plan for those beneficiaries who are

turning 59 years of age.

—  For more information on the RDSP, please visit:



Charitable Donations & Other Tax Credits/Deductions – Deadline: December 31(i)

—  Ensure all charitable donations are made before December 31 in order to

receive a tax receipt for 2011.

—  Instead of donating cash to charities, investors could consider donating

appreciated publicly-traded securities. This strategy can provide a tax

credit equal to the value of the securities donated, while also

potentially eliminating the capital gains tax otherwise payable on the

gain accrued on the security.

—  December 31 is also the final payment date for a 2011 tax deduction or

credit for expenses such as childcare, medical costs, tuition and the

recently-introduced children’s fitness and arts tax credits.


TFSA Withdrawals – Deadline: December 31(i)

—  If you are planning a withdrawal from your Tax-Free Savings Account

(TFSA), consider making this withdrawal in December instead of waiting

until the New Year; a withdrawal would result in additional TFSA

contribution room in the following year.

—  For more information on the TFSA, please visit:


RRSP Contributions for those turning 71 – Deadline: December 31(i)

—  Individuals who turned 71 years of age in 2011 must collapse their RRSP

by the end of the year. Such individuals should consider a final RRSP

contribution, assuming any unused contribution room exists. Seniors

and/or retirees should also take note of some of the important tax

changes in recent years (such as pension income splitting, the

amendments to the Canada Pension Plan and the introduction of the TFSA)

that may affect their tax planning.

—  For more information, please visit:



Surrey North Delta Leader

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Surrey’s Boze Corn Maze set to open with one big ‘50’ in the design

This year’s maze has some ‘social-distancing bubbles’ built into it, says farmer Mike Bose

Surrey Fire Fighters Charitable Society doing ‘better than we were expecting’ amid COVID-19

At one point, the board thought it might have a donation shortfall of $250,000

Delta police investigating shots fired in Tsawwassen

No injuries reported after police called to Parkrove Crescent Sunday afternoon (Aug. 9)

South Surrey boy’s lemonade stand raises $670 for baby Lucy on BC Day weekend

Zach Young, 6, wanted to help with purchase of Vancouver infant’s costly drug ‘to help her get better’

Delta artist John Horton named to Order of British Columbia

Honour for significant contributions made to the appreciation and safety of B.C.’s coastal history

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Fraser Valley Bandits fall to Edmonton in CEBL final

Bandits lose 90-73 to Stingers in Sunday’s Summer Series final

Simon Cowell breaks his back falling from electric bike

Incident happened at his home in California

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

Unofficial holidays: the weird and wonderful things people celebrate around the world

On any given day of the year, there are several strange, silly or serious holidays to observe

Fraser Valley Bandits advance to CEBL Championship Game

Bandits post comeback 76-75 win over Hamilton Honey Badgers in Saturday’s semifinal

IHIT on scene of suspicious early-morning fire on rural Mission property

Entrance to Gunn Avenue property cordoned off while investigation takes place, updates coming

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Most Read