Upcoming Tax Filing Deadlines: What You Need to Know

As tax season approaches, it’s crucial to stay on top of important deadlines to avoid penalties and interest charges. Whether you’re an individual, self-employed, or running a corporation, here are the key tax filing dates you need to know for the 2025 tax year in Canada.

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1. Issuing Tax Slips

Employers and financial institutions must issue tax slips, including T4 slips (for employment income) and T5 slips (for investment income), by February 28, 2025. Employees and investors rely on these slips to accurately report their income and deductions on their tax returns. If you are an employer, ensuring timely and accurate issuance of these slips helps employees file their returns smoothly and reduces the risk of CRA audits or penalties.

2. RRSP Contributions

The deadline to contribute to a Registered Retirement Savings Plan (RRSP) for the 2024 tax year is March 3, 2025. Contributions made on or before this date can be deducted from your taxable income for 2024, potentially reducing your overall tax liability. RRSPs are a valuable tool for retirement savings, and maximizing your contributions within your available contribution room can help grow your investments tax-free until withdrawal.

3. Personal Income Tax

For most individuals in Canada, the deadline to file your 2024 personal income tax return and pay any balance owing to the Canada Revenue Agency (CRA) is April 30, 2025. Filing your return on time is important, even if you cannot pay your full balance right away. The CRA imposes late-filing penalties and interest on unpaid amounts, so submitting your return on time can help minimize extra costs. If you expect a refund, filing early ensures you receive it sooner.

4. Self Employed Tax

If you or your spouse/common-law partner are self-employed, you have until June 15, 2025, to submit your tax return. However, any taxes owing must still be paid by April 30, 2025, to avoid interest charges. Many self-employed individuals, such as freelancers, contractors, and small business owners, may need to make quarterly tax installments throughout the year to manage their tax obligations effectively. Keeping track of business expenses and deductions can also help reduce your tax liability.

5. Corporations

Corporations operating in Canada must file a T2 corporate tax return within six months of their fiscal year-end. For example, if a corporation’s fiscal year ends on December 31, 2024, its tax return is due by June 30, 2025. However, corporate taxes owing must generally be paid within two months of the fiscal year-end. Canadian-controlled private corporations (CCPCs) that meet specific conditions may have an extended payment deadline of three months instead of two. Planning for corporate tax obligations by maintaining proper financial records and consulting with an accountant can help businesses avoid last-minute complications.

6. GST / HST Filing

Businesses registered for the Goods and Services Tax (GST) or Harmonized Sales Tax (HST) must file their returns based on their assigned reporting period. For monthly and quarterly filers, the return is due one month after the end of the reporting period. Annual filers who are individual business owners with a December 31 year-end must submit their GST/HST return by April 30, 2025. Annual corporate filers have until three months after their fiscal year-end to file their return. Ensuring timely GST/HST filings helps businesses avoid penalties and maintain compliance with CRA regulations.

7. Penalties and Interest

Failing to file your tax return on time can lead to significant penalties. The late-filing penalty is 5% of the balance owing, plus an additional 1% per month for up to 12 months. Interest is compounded daily on any unpaid balance starting the day after the deadline. The longer you delay, the more these costs add up, making it even harder to settle your tax obligations. If you anticipate difficulty paying your taxes on time, contacting the CRA to arrange a payment plan can help mitigate penalties.

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The Bottom Line

Tax season doesn’t have to be stressful if you plan ahead. Organizing receipts, T-slips, and financial documents early can help ensure a smooth filing process. If your tax situation is complex, seeking professional assistance can be beneficial.

At nxtEra, we specialize in helping businesses take control of their finances and navigate complex tax requirements with confidence. Whether you need support in tax planning, compliance, or financial optimization, we’re here to help you make informed decisions and avoid unnecessary penalties. Reach out to our team to ensure you’re making the most of your tax strategies this season and beyond.