Important Deadlines for 2018 Tax Year

Here are some important deadlines to be aware of for 2018;

 

December 27, 2018 - Last day for Canadian and US tax loss selling - Securities

If you want to take advantage of tax-loss selling for Canadian and U.S. listed securities to settle in 2018, December 27 is the last day you can sell investments to have them qualify for the 2018 tax year.

 

December 31, 2018 - Last day for RESP and TFSA contributions for the 2018 Tax Year.

 

December 31, 2018 - 2018 charitable contributions

The last day for making charitable donations to claim the deduction in the 2018 tax year.

 

March 1, 2019 - Last day for 2018 RRSP contributions

The annual contribution limit is 18% of earned income for the previous year, up to the limit of $26,230.

Other elements to consider:

Contributions to your employer’s pension plan reduce the amount they can invest in an RRSP.

Your unused contribution room (annual contribution limit less contributions paid) for a year can be carried forward.

To know the exact amount of your contribution limit, please refer to the “RRSP Deduction Limit Statement” section of the Notice of Assessment sent each year by the Canada Revenue Agency. Or look on “My Account” on CRA’s website.

 

April 30, 2019 - Last day to file and pay your 2018 taxes

Remember, always check with a qualified tax professional before considering any tax loss selling strategies.