Tax Tips 2015 Year End for Individuals

Tax Tips 2015 Year End for Individuals

Registered Retirement Savings Plan (RRSP) contributions to be deductible for 2015 do not need to be made by December 31, 2015.  They will be deductible for 2015 if they are made by February 29, 2016.  There is an exception, however….

Registered Retirement Savings Plan (RRSP) contributions to be deductible for 2015 do not need to be made by December 31, 2015.  They will be deductible for 2015 if they are made by February 29, 2016.  There is an exception, however.  If you turned 71 in 2015, you need to make your RRSP contribution before the end of the year.

A number of items are deductible only if they are actually paid. An example is a charitable donation.  For a donation to be deductible in 2015 it must be paid in 2015.  If you are about to make some donations it is more beneficial to pay them before the end of this month and deduct them for 2015 when you file your tax return next spring. If you wait until January you won’t see the tax benefit of the donation until the spring of 2017.

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