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Published : Jun 1, 2018

Tax Information From CRA for 2018

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Important Dates

CRA announced that EFile and NetFile will be available starting February 26, 2018 for filing 2014 to 2017 personal tax returns.

RRSP Contribution Deadline for 2017 taxation year is Thursday, March 1, 2018.

T4 Slips for 2017 must be distributed to employees on or before Wednesday, February 28, 2018.

Personal Tax Returns for 2017 must be filed by Monday, April 30, 2018.  Self-employed must file by Friday, June 15, 2018, but any tax owing must be paid by April 30th.

 

Personal Tax

All income and expenses must be reported on your tax return in Canadian dollars, converted either at the transaction date exchange rate, or the average exchange rate for the year.  The average US exchange rate for 2017 is 1.2986.

 

Employees / Employers

Expenses that are paid to earn employment income can sometimes be deductible, including any GST/HST that was paid on them.  This can only be done if your employer requires you to pay the expenses, and either you didn't receive reimbursement for the expenses, or if you were reimbursed, then the amount you received is included in your income.  Form T2200 must be completed by your employer in order to claim employment expenses.

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