The leap year bites — Watch those deadlines!

Because 2016 is a leap year, some deadlines fall earlier this coming year than normal.

If you will be filing a T3 trust tax return, the deadline (assuming a calendar year-end for the trust) is 90 days after the end of the year. Normally that is March 31. This year, because February has 29 days, the 90-day period expires on Wednesday March 30.

A T3 return filed on March 31 will be late. If the return contains any election or designation that has to be filed by the return’s due date, and the return is not filed by March 30, the election or designation will not have been properly made!

If you are making RRSP contributions, any investment that gives you a labour-sponsored funds tax credit, or various other investments that can be completed up to 60 days after the end of the year and still be claimed on your 2015 return, your deadline is Monday February 29, not March 1 as usual!

Make sure to keep these deadlines in mind in the new year.

Last modified on Monday, 14 December 2015 09:53
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