Individual Tax Payer Limits and Due Dates

By January 13, 2016 Uncategorized No Comments

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

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