Saving at Tax Time
Timelines are ever-changing in this new reality we’re in now, and that includes tax deadlines. We wanted to make sure you are aware of the Canada Revenue Agency’s extensions.
| Filing date | Payment date | |
|---|---|---|
| Individuals | June 1, 2020 | Sept 1, 2020 |
| Self-employed and their spouse/common-law partner |
June 15, 2020 |
Sept 1, 2020 |
| Corporations (with normal filing deadline in June, July or August) |
Sept 1, 2020 | Sept 1, 2020 |
Filing your taxes provides a good opportunity to review your Registered Retirement Savings Plan (RRSP) contributions and what room you have remaining. The Advantages Retirement Plan™ is an easy online way to continue or to start saving for your retirement. Saving sooner can make a big difference and with the plan’s lower fees and automated approach to retirement savings, you can get ahead in saving for your future.
If you’re a self-employed or incorporated physician and find you have less taxes to pay this year and have sufficient contribution room, you may consider putting those tax saving dollars into an RRSP, which is available in the Advantages Retirement Plan™.
If you are expecting a tax refund and have insufficient RRSP contribution room, you may still be able to contribute those funds towards your retirement using the Tax-Free Savings Account (TFSA) offered in the Advantages Retirement Plan™.
Still have questions about enrolling or contributing to the plan? Please schedule a virtual appointment with an OMA Insurance advisor.
We look forward to hearing from you.
Sincerely,
Your OMA Insurance Team