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BMO Nesbitt Burns' Year-End Tax Study: Canadians Not Familiar with Specific Tax Deadlines

- Offers tips on year-end tax-saving strategies

TORONTO, ONTARIO -- (Marketwire) -- 12/28/12 -- With the end of the year only a few days away, BMO Nesbitt Burns reminds Canadians not to wait until April to think about their taxes. The end of December marks an important time for many who are looking to minimize the amount of taxes they pay on their investment income.

According to a study by BMO Nesbitt Burns, 93 per cent of Canadians believe they are familiar with the income tax deadlines. However, when asked about various, specific tax deadlines, many did not know the correct dates for:

--  Charitable donations and tax credit/deduction deadline (61 per cent
    unaware of the correct date) 
--  RRSP contribution deadline for those turning 71 (70 per cent unaware) 
--  Payment of quarterly tax installments deadline (73 per cent unaware) 
--  TFSA withdrawal deadline (78 per cent unaware) 
--  Tax-loss selling deadline (85 per cent unaware)

"It's important for Canadians to educate themselves on the various end-of-year deadlines to help ensure there are no missed opportunities to reduce their tax bill," said John Waters, Vice President, Head of Tax & Estate Planning, Wealth Group, BMO Nesbitt Burns. "Many tax strategies require foresight to be effective, and tax planning should be a year-round activity. Seek out the assistance of a financial and tax professional as soon as possible - waiting until the New Year to start thinking about taxes is often too late."

Before year-end, BMO Nesbitt Burns offers the following tax-saving strategies:

1. Charitable Donations & Other Tax Credits/Deductions - Deadline: December 31

--  Instead of donating cash to charities, consider donating appreciated
    publicly-traded securities. This strategy can provide a tax credit equal
    to the value of the securities donated, while also potentially
    eliminating the capital gains tax otherwise payable on the gain accrued
    on the security. Ensure all charitable donations are made before
    December 31, in order to receive a tax receipt for 2012.  
--  December 31 is also the final payment date for a 2012 tax deduction or
    credit for expenses such as childcare, medical, tuition and the
    recently-introduced children's fitness and arts tax credits.

2. TFSA Withdrawals - Deadline: December 31

--  If you are planning a withdrawal from your Tax-Free Savings Account
    (TFSA), consider making this withdrawal in December instead of waiting
    until the New Year; a withdrawal would result in additional TFSA
    contribution room for the following year. 

3. RRSP Contributions for those turning 71 - Deadline: December 31

--  Individuals who turned 71 years of age in 2012 must collapse their RRSP
    by the end of the year. Such individuals should consider a final RRSP
    contribution, assuming any unused contribution room exists. Seniors
    and/or retirees should also take note of some of the important tax
    changes in recent years (such as pension income splitting, the
    amendments to the Canada Pension Plan and the introduction of the TFSA)
    that may impact their tax planning. 

For next year:

Payment of Quarterly Tax Installments - Deadline: Generally around mid-December(i)

--  Individuals whose estimated income tax payable for the year, or payable
    for either of the two preceding years, exceeds $3,000 ($1,800 for Quebec
    residents) may be required to pay income tax installments. Personal tax
    installments are due four times a year, with the final installment due
    December 15.  
--  Canadian investors are often required to pay by installment since tax is
    not deducted at source on investment income. If an investor falls short
    on any required installments, he/she could incur non-deductible interest
    or penalties. 

Tax-loss Selling - Deadline: December 24

--  If you have investments that have depreciated in value, consider selling
    these investments before year-end to offset capital gains realized
    earlier in the year to reduce your overall tax bill. It is important to
    ensure that a sale makes sense from an investment perspective, since
    stocks sold at a loss cannot be repurchased until at least 30 days after
    sale to be effective. Be sure to work with your BMO Nesbitt Burns
    advisor as well as your tax advisor in implementing this strategy.

For more information on tax-efficient investing and planning, locate a BMO Nesbitt Burns Investment Advisor at

Get the latest BMO press releases via Twitter by following @BMOmedia

The results cited in this release are from an online Pollara survey with a random sample of 1,000 Canadians 18 years of age and older, conducted between November 29th and December 4th, 2012. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.

(i) When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, payment will be considered on time if received the next business day.

Media Contacts:
Amanda Robinson, Toronto
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Laurie Grant, Vancouver
(604) 665-7596
[email protected]

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