TORONTO, ONTARIO — (Marketwire) — 12/28/11 — As the New Year approaches, BMO Financial Group reminded Canadians today that December 31st marks the last day to contribute to certain registered plans. It is also a key deadline for Canadians who want to take advantage of tax deductions.
Tina Di Vito, Head, BMO Retirement Institute, cautioned Canadians to act now to get their contributions and tax planning in order before December 31. Waiting until the New Year to start thinking about taxes is often too late, as many of the cut-off dates for tax deductions and credits fall at the end of the calendar year.
“With all the distractions around this time of the year, it-s easy to forget about key end-of-year personal finance deadlines. With a little bit of planning and help from a financial or tax professional, making arrangements now can make the New Year less stressful,” said Ms. Di Vito.
Tina Di Vito Reminds Canadians of the Following Year-End Deadlines:
Tax-loss Selling – Deadline: December 23
RDSP Contributions for Grants and Bonds – Deadline: December 31(i)
Charitable Donations & Other Tax Credits/Deductions – Deadline: December 31(i)
TFSA Withdrawals – Deadline: December 31(i)
RRSP Contributions for those turning 71 – Deadline: December 31(i)
(i) Note that December 31 falls on a Saturday this year, so plan accordingly.
In addition, BMO recently issued a release on year-end tax tips for business owners. Please click for more information.
Contacts:
Media Contacts:
Rachael Mckay, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596