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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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MD Advisor

MD: Helping you stay on top of tax season

Have a plan

A personalized financial plan can play a key role in helping to reduce your taxes. To find out more about how you can achieve your financial goals, talk to your MD Financial Management (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 2016 RRSP contribution is March 1, 2017. If your cheque is postdated and/or your envelope is received after March 1, 2017, you’ll receive a contribution slip in early 2018 for the 2017 tax year.

Consider a TFSA

Contribute to your tax-free savings account (TFSA) within the prescribed limits for 2017. Find out more about TFSAs.

Tax Tips for Physicians

Looking for tax guidance? The 2017 Tax Tips Guide offers a comprehensive overview of tax considerations and tips specifically for physicians and physicians in training.

Keep track of 2017 target mailing dates

Use the table below to keep track of the documents you may receive from MD between January and early April 2017, and to help you organize everything needed to file your 2016 tax return with Canada Revenue Agency and Revenu Québec, as well as with the Internal Revenue Service (IRS), if necessary.

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

MD Target Mailing Date*Item
Late JanuaryRRSP contributions tax slip (for contributions made from March 1 through December 31, 2016)
Early February for January contributions;
mid-February to early March for February contributions
RRSP contributions tax slip (for the first 60 days of 2017, i.e., contributions made up to and including the contribution deadline of March 1, 2017)
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 February to late MarchT3, Relevé 16, NR4
T5, Relevé 3, NR4
Late February to early MarchStatement of Security Dispositions (Consolidated T5008)
Late March to early AprilT5013, Relevé 15, MD Family Trust tax returns, T1135
Mid-April1042-S

Go green! Choose online-only delivery for your statements and tax slips. Learn more.

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 17. Interest will be charged on any unpaid tax from April 17, but no late-filing penalties will be assessed if you file by June 15 and attach a statement to your return explaining that you are living outside the United States.

You can also receive an automatic extension to October 16 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: 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. Clients who have opted to receive electronic statements only receive all tax documents online, except for MD and MD Private Investment Counsel estate tax slips, which are available only in paper format and will be 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.cma.ca. 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.

MDExO® is a trademark of the Canadian Medical Association, used under licence.