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Email this1:02 am
October 21, 2013
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I'm trying to make some end-of-year financial decisions and need to see the tax return forms for 2015.
Does anyone know when they are likely to appear, based on previous experience?
9:23 am
June 29, 2013
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I would expect the 2015 T-1s to be a bit later than in past years because the new Liberal govt will shortly announce their Budget which "may" affect/ be retroactive to 2015.
e.g. issues with re child credits, childcare, TFSA, income over $200K etc. etc.
Likely not too long after the budget is read by the GG, the e-forms will appear on the CRA site.
9:52 am
October 21, 2013
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Thanks, Brian.
12:08 pm
November 22, 2013
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The 2015 General income tax and benefit package will be available on the CRA website on January 6, 2016.
1:39 pm
October 21, 2013
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Jan 6!! 
Can I ask where you got this information?
Does anyone think that waiting until January is normal?
So, during December, is the only alternative to take last year's forms and change the pre-set numbers (where known), figure it all out manually, and hope you didn't miss something?
3:34 pm
November 22, 2013
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This is a direct quote from the CRA website!
6:08 pm
October 27, 2013
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Not sure what the 2015 tax package would tell you that would materially impact financial decisions. What we do know is federal (and perhaps provincial?) tax bracket ranges move up by CPI, OAS clawback range, etc. Most of that can be estimated by running the 2014 package and then doing, if one likes, minor adjustments for about 1-1.5% CPI. If nothing else, running the 2014 tax package would show slightly more tax due than will really be the case.
P.S. I doubt any of the Liberal changes that might occur in the Dec 4-11 period will be retroactive to 2015, but you will know that by Dec 11th.
7:49 pm
October 21, 2013
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Having some precise information affects how much one might want to voluntarily take out of RSP/RIF as a retiree.
It's really tedious to have to adjust everything manually, and then still worry that you might have missed some change in the Act.
This is the first year I've tried to do this, and had thought from things I'd read earlier elsewhere that this info would be available about now.
I too don't think it's likely that they will make retroactive changes that affect 2015, but that's all the more reason why they should be able to release it earlier
I have found some info on the tax brackets, personal amount, age amount, age amount clawback start for 2015. I can post if anyone wants it. I found it somewhere on CRA but don't have the link any more. But I never found the reference to the date when all will be revealed.
Not keen on having to do all the manual calculations.
7:57 pm
September 11, 2013
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The Jan 6/16 date is in various places on CRA site, here's a link to one:
8:12 pm
October 27, 2013
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Loonie, not to debate the point but $600 movement in tax bracket rates makes a difference in what one would do for withdrawals? For Ontario,http://www.taxtips.ca/taxrates/on.htm
I cannot remotely estimate my investment income (and type) that accurately, even at this late date. I could be off by thousands $$ in assumptions on type of income alone.
2:17 am
October 21, 2013
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Thanks for these links, which are of some help.
My situation is not nearly as complex as yours, AltaRed. I can estimate my income for 2015 accurately to within a few dollars, as it now stands and projecting to end of year, and have been tracking expenses that can be used all during the year. The remaining variables are interest rates (not likely to change significantly, if at all in the next 27 days), cash which I may spend this month (not hard to guess), and the amount I chose to withdraw from RSP/RIF. The latter is by far the largest variable and is the one I am trying to adjust so as to maximize the current tax bracket.
This would be much easier if forms were available. However, now that I know they are not going to be, I will work it out manually.
It will save me up to $1000 in my pocket this year as opposed to leaving RSP/RIFs untouched until mandatory withdrawals kick in. My tax bracket will never be lower than what it is currently because of pension income and splitting, but will almost certainly be higher in a few years. I am lucky enough to have a real choice about how much I withdraw. This can work for those who are retired but less than age 71.
Next year may be a different story, but I'll do what I can this year to lighten the load legitimately.
8:06 am
April 6, 2013
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StudioTax may have a pre-certified version of their program for the 2015 taxation year available later this month.
This vague statement is on the StudioTax product page:
StudioTax 2015 needed to prepare and file 2015 returns will be available for download after December 15, 2015.
11:23 am
February 24, 2015
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Loonie, do have RRSP contribution room? You could take extra income based on your estimates, and then reduce taxable income if necessary by making an RRSP contribution in the first 2 months of 2016.
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