Tax tip 2

Tax Tip 2 Filing too early can be a big problem! The deadline for receiving your tax slips varies. T4s are due Feb 29th but other tax slips have different due dates. For example, T5 (interest) and RRSP Contribution Receipts for con
tributions made Jan-Feb 2016 (which should be claimed on your 2015 tax return) are only due March 15th. T3 (Dividends and Capital Gains) are only due by March 31st. Some slips are only available online such as Employment Insurance (T4E) and student tuition receipts (T2202A). Both the T4E and the T2202A are almost only available online now so that you have to download & print your own slip – it will not be mailed to you which is why a lot of people forget about them!

When you file early and slips come in after filing, your tax preparer must file an adjustment which costs you money and is a hassle of having to wait for a Notice of Reassessment to pay any additional balance owing. Waiting to make sure you have all your slips is a good idea! And remember, Revenue Canada does not process 2015 tax returns until Feb 15, 2016. So whether you file on Jan 4th or Feb 15th, you will not see a refund until the end of February either way!

Note: There is no enforcement for employers, banks and investment companies to file their slips. If they are late with their slips, it is up to you to contact them and demand them!

 For more tax tips and tax related frequently asked questions, visit my website at www.sauvetaxservices.ca