Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2018 are listed below.
RRSP deduction limit increases
The RRSP contribution limit for the 2017 tax year (for which the contribution deadline is Thursday March 1, 2018) is $26,010. In order to make the maximum current year contribution for 2017, it will be necessary to have had earned income for the 2016 taxation year of $144,500.
The RRSP contribution limit for the 2018 tax year is $26,230. In order to make the maximum current year contribution for 2018, it will be necessary to have earned income for the 2017 taxation year of $145,725.
TFSA contribution limit unchanged
The TFSA contribution room limit for 2018 is unchanged at $5,500. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of re-contribution amounts from previous taxation years.
Keeping track of TFSA contribution room can be complicated, especially where taxpayers have made withdrawals from their TFSA plans. Taxpayers can find out their 2018 contribution limit by calling the Canada Revenue Agency’s Individual Income Tax Enquires line at 1-800-959 8281. Those who have registered for the CRA’s online tax service My Account can obtain that information by logging in to that service.
Individual tax instalment deadlines for 2018
Millions of individual taxpayers pay income tax by quarterly instalments, which will be due on the 15th day of each of March, June, September, and December 2018, except where that date falls on a weekend or statutory holiday.
The actual tax instalment due dates for 2018 are as follows:
- Thursday March 15, 2018
- Friday June 15, 2018
- Monday September 17, 2018
- Monday December 17, 2018
Individual tax filing and payment deadlines in 2018
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2017 tax year is Monday, April 30, 2018.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2017 on or before Monday April 30, 2018.
Self-employed taxpayers and their spouses must file a 2017 income tax return on or before Friday June 15, 2018.