Today is your last chance for many tax-saving strategies

With 2012 winding down, many Canadians will soon start preparing their tax returns in time for the April 30 deadline.

With 2012 winding down, many Canadians will soon start preparing their tax returns in time for the April 30 deadline.

Although 93% of respondents feel confident that they are familiar with income tax deadlines, many do not know the correct dates for specific tax deadlines, according to the results of a new BMO survey.

December 31 is the deadline for the following specific tax-saving strategies:

  • Making charitable donations;
  • Paying for childcare, medical and tuition that are eligible for tax credits;
  • Tax-free savings account (TSFA) withdrawals; and
  • RRSP contributions for those turning 71.

The BMO survey found that more than 60% of Canadians were unaware of these deadlines.

ecrawford@biv.com

@EmmaCrawfordBIV