What are Time and Date literal values? How can I set initial values for variables and SQL input parameters of Time and Date types?
You should use this format #2016-05-17 12:14:00# for DateTime and #2016-05-17# for Date.

I don't think I ever used a Time literal value, so I don't know if the format is the same.

I can confirm it is (just used it for the first time :)). #12\:14\:00# should work given the above example.

EDIT: I have no idea why the backslash appears before the colon. Of course it shouldn't be there.