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A Few Tips to Help You Reduce Your Tax Bill

Have a Plan

A personalized financial plan can play a key role in helping to reduce your tax. To find out more about how you can achieve your financial goals, talk to your MD Advisor about MD ExO®.

Maximize Your RRSP Contributions

Get a tax deduction and increase your retirement savings by contributing to your registered retirement savings plan (RRSP).

The deadline for your 2015 RRSP contribution is February 29, 2016. If your cheque is postdated and/or your envelope is received after February 29, 2016, you’ll receive a contribution slip in early 2017 for the 2016 tax year.

Consider a TFSA

Contribute to your tax-free savings account (TFSA) within the prescribed limits for 2016. Find out more about TFSAs.

Target and Actual Mailing Dates

Use the table below to keep track of the documents you may receive from MD Management (MDM) between January and early April 2016, and to help organize everything you need to file your 2015 tax return with Canada Revenue Agency and Revenu Québec, as well as with Internal Revenue Service (IRS), if necessary.

Please note that during tax season, you will also receive financial statements from MDM. These statements are sent for your reference only and are not required for filing your tax return.

MD Target Mailing Date* Item Date Sent
Late January RRSP contributions tax slip (for contributions made from March 3 through December 31, 2015)
Monthly in January;
bi-weekly in February
RRSP contributions tax slip (for first 60 days of 2016, i.e., contributions made up to and including the contribution deadline of February 29, 2016)  
Late January to early February 1099-INT, 1099-DIV, 1099-B  
Mid to late February T4RSP, Relevé 2, NR4
T4RIF, Relevé 2, NR4
T4A, Relevé 1, NR4
Late January RRIF re-contributions tax slip (2015)  
Monthly in January and February RRIF re-contributions tax slip (first 60 days of 2016)  
Late February to late March T3, Relevé 16, NR4  
Late February to early March T5, Relevé 3, NR4

Statement of Security Dispositions
Late March T5013, Relevé 15, T5006, MD Family Trust tax returns  
Mid-April 1042-S  

Contact an MD Advisor

Deadlines for filing U.S. tax returns

If you are a U.S. person living in Canada, you have an automatic extension to June 15 to file your U.S. tax return, but any tax due must be paid by April 15. Interest will be charged on any unpaid tax from April 15, but no late-filing penalties will be assessed if you file by June 15 and attach a statement to your return explaining you are living outside of the United States.

You can also receive an automatic extension to October 15 if you file an application and pay at least 90% of your final tax liability. You will be contacted only if your request is denied.

Late-filing income tax penalties are assessed only if there’s a balance due on your return. Therefore, if there’s no balance due, you should not be subject to any late-filing income tax penalties. Find out more.

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