With 2012 winding down, many Canadians will soon start preparing their tax returns in time for the April 30 deadline.
Although 93% of respondents feel confident that they are familiar with income tax deadlines, many do not know the correct dates for specific tax deadlines, according to the results of a new BMO survey.
December 31 is the deadline for the following specific tax-saving strategies:
- Making charitable donations;
- Paying for childcare, medical and tuition that are eligible for tax credits;
- Tax-free savings account (TSFA) withdrawals; and
- RRSP contributions for those turning 71.
The BMO survey found that more than 60% of Canadians were unaware of these deadlines.