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Over the past few years, there have been a lot of changes to the Canada Pension Plan, both in terms of contributions made to the plan, and with respect to the receipt of CPP retirement benefits. One of the least well-known and least understood of those changes is the CPP Post-Retirement Benefit, or PRB.

While most Canadians try to avoid the inevitable for as long as possible, there’s no escaping the fact that the tax payment deadline (for all Canadians) and the tax filing deadline (for the majority of Canadians) is now only a few weeks away. For all individual Canadians, the deadline for payment of all income taxes owed for the 2013 tax year is Wednesday, April 30, 2014—no exceptions and, in the absence of very unusual circumstances, no extensions.

By the beginning of April (and usually earlier), Canadian taxpayers will have in hand all of the information needed to prepare their 2013 income tax returns. Employers who issue T4 slips to their employees and financial institutions which provide T5 slips outling investment income (including interest and dividends) earned during 2013 by investors must issue such information slips to employees, shareholders, and account holders by the end of February 2014. Self-employed taxpayers, who must calculate their own business income for 2013, will certainly be in a position to do so by the end of the first quarter of 2014. Finally, retirees who receive pension income, either from a former employee or from the Canada Pension Plan or Old Age Security program will have received T4A information slips from the pension plan administrator or the government of Canada documenting that income for 2013.

By the time most Canadians sit down to organize their various tax slips and receipts, and undertake to complete their tax return for 2013, the most significant opportunities to minimize the tax bill for the year are no longer available. Most such tax-planning or saving strategies, in order to be effective for 2013, must have been implemented by the end of the calendar year. The major exception to that is, of course, the making of registered retirement savings plan (RRSP) contributions, but even that had to be done on or before March 1, 2014 in order to be deducted on the return for 2013.

Two quarterly newsletters have been added—one about personal issues, and one about corporate issues.




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