The RRSP contribution limitfor the 2016 tax year (for which the contribution deadline is Wednesday March 1, 2017) will increase to $25,370. In order to make the maximum contribution for 2016, it is necessary to have had income of $140,950 in 2015.
The TFSA contribution limitfor 2017 is unchanged at $5,500. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover or re-contribution amounts from previous taxation years.
Millions of individual taxpayers pay income tax by quarterly instalments, which will be due on the following dates in 2017:
Wednesday March 15;
Thursday June 15;
Monday October 16; and
Friday December 15.
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2016 tax year is Monday May 1, 2017. Taxpayers (other than the self-employed and their spouses) must also file a tax return for the 2016 tax year on or before Monday May 1, 2017. Self-employed taxpayers and their spouses must file their tax returns for 2016 on or before Thursday June 15, 2017.