Monthly Archives: January 2016

Individual Tax Payer Limits and Due Dates

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Important Individual Tax Payer Limits and Due Dates for Taxation Year 2015

Important Individual Tax Payer Limits for 2015 are

  1. 2015 Registered Retirement Savings Plan (RRSP) limit is $24,930
  2. 2015 Year’s Maximum Pensionable Earnings (YMPE) limit is $53,600Income tax
  3. 2015 Deferred Profit Sharing Plan (DPSP) limit is $12,685
  4. Tax Free Savings Account (TFSA) $10,000

Important Individual Due Dates for 2016

  1. RRSP deadline for tax year 2015 is February 29th, 2106
  2. T1 Tax Returns for Individuals are due April 30th, 2016
  3. April 30th, 2016 If you have a balance owning for 2015, the balance is due no later the April 30th, 2016
  4. Self- Employed Individuals: If you or your spouse or common law-partner carried on a business in 2015 as a self-employed person (sole proprietor), your return is to be filed on or before June 15th, 2016.  However, any balancing owing for 2015 must be paid on or before April 30th,2016
  5. 2016 Instalments Payments are due:
  • March 15th, 2016
  • June 15th, 2016
  • September 15th, 2016
  • December 15th, 2016

Payroll Year End Deadlines

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Important Dates for Employers

 

Last Remittance Date for Federal Source Deductions:

  • New or Regular Remitter: January 15th, 2016
  • Quarterly Remitter January 15th, 2016
  • Accelerated Remitter Threshold 1: January 10th, 2016
  • Accelerated Remitter Threshold 2 January 6th, 2016

Last Remittance Date for WSIB Ontario

  • Annual Remitter April 30th, 2016
  • Quarterly Remitter January 31st, 2016
  • Monthly Remitter January 31st, 2016

Last Remittance date for Employer Health Tax

  • Annual Remitter March 15th, 2016
  • Monthly Remitter January 15th, 2016

Information Return and Information Summaries:

  • T4 Information Return must be filed on or before February 29th, 2016.
  • T4 Information Returns must be given to employees on or before February 29th, 2016
  • WSIB’S Annual Reconciliation Form due March 31st, 2016
  • Employer Health Tax Annual Return due March 15th, 2016

If you need help understanding or completing your annual information slips or returns contact Inter-gration CPA to book a free consultation on how we can help. We can be reached at info@inter-grationcpa.com or call (905) 702-8080.