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2025 Canadian Tax Filing Deadlines (for 2024 Tax Year): Key Dates You Need to Know

Tax season can feel overwhelming, especially if you're unfamiliar with how the Canadian tax system works. Whether you're an individual, self-employed, or a business owner, filing on time is crucial to avoid penalties and interest. This guide will walk you through the key deadlines for the 2024 tax season, so you can stay ahead and stress-free.

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1. When Does Tax Season Start?

Tax season in Canada officially begins in late February, when the Canada Revenue Agency (CRA) opens its systems for electronic filing. This is the earliest you can submit your tax return for the 2023 tax year.

Although the deadline for filing taxes varies based on your tax situation, it's recommended to file as early as possible. Many employers, banks, and financial institutions issue tax slips (such as T4s and T5s) by February 29, 2024. Filing early allows you to receive your tax refund sooner and avoid last-minute stress.

2. Personal Income Tax Deadlines

Filing Deadline for Individuals: April 30, 2024 If you earned income in Canada in 2023, you need to file your personal tax return (T1 General) by April 30, 2024. This deadline applies to most taxpayers, including employees, students, and retirees.

Payment Deadline for Taxes Owed: April 30, 2024 If you owe taxes to the Canada Revenue Agency (CRA), your payment is due on April 30, 2024. Missing this deadline could result in penalties and interest on the amount owed.

Tax Refunds: If you are owed a refund, you won’t face penalties for filing late. However, it’s best to file early so you can receive your refund sooner.

3. Self-Employed Individuals and Freelancers

Filing Deadline for Self-Employed Individuals: June 17, 2024 If you or your spouse/common-law partner are self-employed, you have until June 17, 2024 (since June 15 falls on a weekend) to file your tax return.

Payment Deadline for Taxes Owed: April 30, 2024 Even though self-employed individuals have a later filing deadline, any taxes owed must still be paid by April 30, 2024, to avoid interest charges.

4. Business Tax Deadlines

The deadline for businesses depends on the structure of the company:

Corporations:

  • The filing deadline is six months after the end of the fiscal year.

  • If your business follows a calendar year, the deadline is June 30, 2024 (for December 31, 2023 year-end).

  • Corporate tax payments are usually due two months after the fiscal year-end (or three months for some Canadian-Controlled Private Corporations).

GST/HST Filing Deadlines:

  • Annual filers: April 30, 2024 (if your fiscal year matches the calendar year).

  • Quarterly filers: One month after the end of each quarter.

  • Monthly filers: One month after the end of each month.

5. Other Important Tax Deadlines

  • RRSP Contribution Deadline: February 29, 2024 (to claim deductions for the 2023 tax year).

  • T4 and T5 Slips Issuance Deadline: February 29, 2024 (Employers and financial institutions must issue tax slips to employees and investors).

  • First Installment Payment for 2024 Taxes: March 15, 2024 (For individuals who pay taxes in installments).

6. What Happens if You Miss a Deadline?

Missing a tax deadline can lead to penalties and interest charges. The CRA imposes a 5% late-filing penalty on the balance owed, plus 1% per month for up to 12 months. For repeat late filers, these penalties can be even higher.

If you think you may miss the deadline, consider filing as soon as possible and making a partial payment to reduce interest.

7. Final Tips for a Stress-Free Tax Season

✔️ Gather Your Documents Early: Start collecting T4s, receipts, and other documents in advance.

✔️ Use Online Filing: NETFILE and tax software make the process easier and faster.

✔️ Work with a Tax Professional: If your situation is complex, consider hiring an accountant.

✔️ Set Up Direct Deposit: Get refunds faster by signing up for CRA direct deposit.

By staying on top of your deadlines and preparing in advance, you can make tax season smooth and hassle-free. If you need expert tax advice, Toro Accounting is here to help!
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