One of the most important things to remember as a taxpayer is the deadlines for filing your taxes. The Canada Revenue Agency sets strict due dates for returns and payments. Filing your return on time helps you avoid any interest or penalties and get your refund earlier. We’ve rounded up all the major dates that matter for your taxes to make this season stress-free.
When Can I File My Taxes in 2024??
Tax Filing Deadline for Individual Tax Returns
The tax filing deadline for your 2023 tax return is April 30, 2023.
The Canada Revenue Agency usually expects individual taxpayers to submit their income tax returns by April 30 of every year. If April 30 falls on a weekend, the CRA extends the deadline to the following business day.
If you want to file early, the CRA will open its NETFILE service on February 21st to electronically receive submitted returns
Mailed responses must be received or postmarked by the due date, and electronically submitted returns must be submitted by midnight local time on the date they are due.
Tax Filing Deadline for Self-Employed Tax Returns
If you are self-employed, the CRA gives you a bit longer to submit your income tax return — you do not have to submit it until June 15, 2022. This means you are not liable for the late-filing penalty, but CRA will begin assessing interest on any unpaid amounts owing for the tax year starting May 3, 2022.
Important CRA dates and deadlines in 2024
|January 10||Deadline for payment of prior year’s Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums for self-employed individuals|
|January 16||Fourth Quarter Projected Tax Payment Due|
|January 23||Start of Federal Tax Return Processing for 2023|
|January 31||Deadline for Employers to Submit W-2 Forms|
|January 31||Distribution of Some 1099 Forms|
|February 15||Exemption from Withholding Becomes Available|
|February 15||Deadline for filing an extension request if you’re unable to file your personal income tax return by the regular deadline|
|March 15||Due date for filing personal income tax returns for individuals and families|
|March 15||Deadline for payment of prior year’s taxes or installments for self-employed individuals and corporations|
|April 1||Minimum Distribution Required for Those Turning 73 in 2023|
|April 15||Tax Day (unless extended due to local state holiday)|
|April 30||Deadline for filing personal income tax returns for individuals and families (regular deadline)|
|April 30||Deadline for payment of prior year’s taxes or installments for individuals and families|
|June 15||Deadline for filing personal income tax returns for individuals and families (extended deadline)|
|June 15||Deadline for payment of prior year’s taxes or installments for individuals and families (extended deadline)|
|June 17||Due Date for Second Quarter Estimated Taxes for 2024|
|September 16||Due Date for Third Quarter Estimated Taxes for 2024|
|October 15||Deadline for Filing Extended Tax Returns for 2023|
|December 12||Due date for filing T2 corporation income tax returns for the fiscal year ended June 30, 2024|
|December 13||Due date for fourth-quarter estimated taxes for 2024|
|December 31||Required Minimum Payments for Those Aged 73 and Older|
|January 15, 2025||Deadline for Fourth Quarter Estimated Taxes for 2024|
Tax Filing Deadline for Business Tax Returns
The CRA requires most business owners (Sole-Proprietors or Partnerships) to submit their returns by May 2, 2022, if their business fiscal year matches the calendar year. However, some businesses may opt to observe a non-calendar fiscal year, and if they do, their returns are due six months after the end of their fiscal year.
Tax Filing Deadlines for Final Tax Returns
If you are the legal representative of a deceased person, you are in charge of ensuring their final tax return is submitted to the CRA.
Again, if the deceased person or their spouse or common-law partner is self-employed, the CRA extends the due date to June 15, but it still begins assessing interest as of April 30.
GST/HST Filing Deadline
If you are a self-employed GST/HST Registrant, you will need to file a GST/HST Return regularly, even if you have no income to report. GST/HST registrants have “reporting periods” which are monthly, quarterly, or annually. Monthly and quarterly filers must file the return and payment one month after the end of the reporting period. Annual filers have until June 15 of the year following the tax year for which the return is being filed.
Deadlines for Employers
If you hire an employee, you have to have your employee complete a TD1 form within seven days of being hired. You also have to send your employee a T4 information slip by the last day of February following the year to which the information slips apply.
Finally, if you go out of business, the CRA requires you to submit your final CPP contributions, EI premiums, and income tax deductions (payroll remittances or source deductions) within seven days of closing your doors. It also requires you to submit any T4 slips as well as a T4 Summary and file it within 90 days.
Due Dates for Installment Payments
If you make installment payments throughout the year so that you can avoid a large bill at tax time, you have four due dates throughout the year. Whether you are self-employed or employed by someone else, you must submit your installment payments by March 15, June 15, September 15, and December 15 of each year.
Tracking Due Dates
To help you stay on top of filing due dates, the CRA has a mobile app. You can download it for free and set reminders for the dates that apply to you. Additionally, you can check on extensions to the usual due dates.
If you haven’t filed your taxes in a while, get started today to avoid these potential consequences. For advice and assistance with tax planning, a CRA tax dispute, or other tax issues, get in touch with Filing Taxes today to see how we can help. Experts at Filing Taxes will be happy to assist business owners in this pursuit. To speak with an experienced accountant, contact Filing Taxes either at 416-479-8532 or [email protected]. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.