Simplifying the tax season

A few tips to help you reduce your tax bill

Simplifying the tax season. A few tips to help you reduce your tax bill
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A Few Tips to Help You Reduce Your Tax Bill

Have a Plan

A personalized financial plan can play a key role in helping to reduce your tax. To find out more about how you can achieve your financial goals, talk to your MD Advisor about MD ExO®.

Maximize Your RRSP Contributions

Get a tax deduction and increase your retirement savings by contributing to your registered retirement savings plan (RRSP).

The deadline for your 2015 RRSP contribution is February 29, 2016. If your cheque is postdated and/or your envelope is received after February 29, 2016, you’ll receive a contribution slip in early 2017 for the 2016 tax year.

Consider a TFSA

Contribute to your tax-free savings account (TFSA) within the prescribed limits for 2016. Find out more about TFSAs.

Target and Actual Mailing Dates

Use the table below to keep track of the documents you may receive from MD Management (MDM) between January and early April 2016, and to help organize everything you need to file your 2015 tax return with Canada Revenue Agency and Revenu Québec, as well as with Internal Revenue Service (IRS), if necessary.

Please note that during tax season, you will also receive financial statements from MDM. These statements are sent for your reference only and are not required for filing your tax return.

MD Target Mailing Date*ItemDate Sent
Late JanuaryRRSP contributions tax slip (for contributions made from March 3 through December 31, 2015)
Monthly in January;
bi-weekly in February
RRSP contributions tax slip (for first 60 days of 2016, i.e., contributions made up to and including the contribution deadline of February 29, 2016) 
Late January to early February1099-INT, 1099-DIV, 1099-B 
Mid to late FebruaryT4RSP, Relevé 2, NR4
T4RIF, Relevé 2, NR4
T4A, Relevé 1, NR4
Late JanuaryRRIF re-contributions tax slip (2015) 
Monthly in January and FebruaryRRIF re-contributions tax slip (first 60 days of 2016) 
Late February to late MarchT3, Relevé 16, NR4 
Late February to early MarchT5, Relevé 3, NR4

Statement of Security Dispositions
Late MarchT5013, Relevé 15, T5006, MD Family Trust tax returns 

Deadlines for filing U.S. tax returns

If you are a U.S. person living in Canada, you have an automatic extension to June 15 to file your U.S. tax return, but any tax due must be paid by April 15. Interest will be charged on any unpaid tax from April 15, but no late-filing penalties will be assessed if you file by June 15 and attach a statement to your return explaining you are living outside of the United States.

You can also receive an automatic extension to October 15 if you file an application and pay at least 90% of your final tax liability. You will be contacted only if your request is denied.

Late-filing income tax penalties are assessed only if there’s a balance due on your return. Therefore, if there’s no balance due, you should not be subject to any late-filing income tax penalties. Find out more.

*Target mailing/emailing dates are estimates only. Actual mailing dates are posted as they become available. Clients who have opted to receive electronic statements only receive all tax documents online, except for MD Management Limited and MD Private Trust tax slips 1099-INT, 1099-DIV, 1099-B and 1042-S, which are available only in paper format and are sent by mail.

The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. MD Financial Management Inc. is owned by the Canadian Medical Association.