Keep payments eligible for 2012 tax savings — If you plan to make payments that may be eligible for tax deductions or credits on your 2012 income tax return, keep in mind that you’ll need to make many of these payments by December 31, 2012. Other payments due during the first 60 days of 2013 may also be eligible for 2012 tax savings.
To benefit from a tax deduction, credit or deferral for the following amounts on your 2012 personal tax return, be sure to pay the amounts or take the required action on time.
Payments due by December 31, 2012
- Charitable gifts
- Medical expenses
- Union and professional membership dues
- Investment counsel fees, interest and other investment expenses
- Certain child and spousal support payments
- Political contributions
- Deductible legal fees
- Interest on student loans
- Contributions to your RRSP if you turned 71 during 2012 (you will also have to wind up your RRSP by this date—see below)
- Payments eligible for the children’s fitness and arts tax credits
Payments due by January 30, 2013
- Any interest owed on 2012 intra-family loans (see above)
- Any interest payable by you on loans from your employer, to reduce your taxable benefit
Payments due by February 14, 2013
- Reimbursement of personal car expenses to your employer to reduce your taxable operating benefit from an employer-provided automobile (see below)
Payments due by March 1, 2013
- Deductible contributions to your own RRSP or a spousal RRSP; keep in mind that you can contribute a maximum of $22,970 for 2012 (up from $22,450 in 2011), subject to your available contribution room
- Contributions to federal or provincial labour-sponsored venture capital corporations
- RRSP repayments under a Home Buyers’ Plan or a Lifelong Learning Plan.