Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more + MORE Dec 12th

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The tax implications of gifting adult children money and more

– moneysense.ca

I am a widower, turning 71 before the end of the year. I have annual gross income of about $50,000, cash savings of about $500,000 left from the sale of my principal residence and an RRSP of about $1.5 million returning about 8%. I haven’t put anything into my RRSP for about 15 years. I also have a fully paid vacation property valued at $300,000. I am concerned that I will have to collapse some of my very productive investments to cover the government withdrawal rate of 5.28%.

Can I put some of the bank cash into an RRSP now and/or later? I would like to get an annual tax benefit from that deposit, and I’d also want the annual government withdrawals to be paid back to me from that cash (as long as it’s held in a cash position within the RRSP).

As an aside, can I also gift my daughter funds to help her out without her being exposed to any tax from the gift? My health is good but I do think I have enough to take care of myself. I just want to do the best for everything my wife and I worked so hard to save…

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Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more

– moneysense.ca

The year 2021 has been a year about money, from the latest crypto to inflation to housing prices to taxes. While money trends can go up and down—or up and up for certain matters—taxes can be more predictable, if you’re prepared. This year’s MoneySense income tax guide includes the things you need to know: the deadline for filing your 2021 return, which tax brackets you fall into, COVID-related tax breaks, often-missed tax deductions and more. (And if you have yet to file for the previous year, here’s our 2020 income tax guide—no judgment!)

Tax deadline 2021The 2021 tax bracketsChanges to income taxes for 2021Tax claims for CanadiansHow to get started doing your tax returnTFSA contribution roomTax tips for CanadiansMore helpful reading

Tax deadline 2021

Friday, April 30, 2022 is the deadline for filing your 2021 personal income tax return and paying any tax you owe. If you or your partner is self-employed, the deadline to file is June 15, 2022, but the deadline to pay is still April 30, 2022…

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