Key Tax Deadlines in Canada

Written by Published on

Helina Tadesse March 16, 2025

Tax deadlines might not be the most exciting thing to think about, but they’re super important. Missing them can lead to penalties, interest charges, and unnecessary stress. To help you stay on track, here’s a simple guide to the key tax deadlines in Canada and what you need to know about each one.

April 30: Personal Tax Return Deadline

If you’re an individual taxpayer, April 30 is your big day. This is the deadline to file your personal income tax return for the previous year. For example, your 2023 taxes are due by April 30, 2024.

• Who it applies to: Most Canadians, including employees, retirees, and students.

• What happens if you miss it? You could face a late-filing penalty of 5% of your balance owing, plus 1% for each full month your return is late (up to 12 months). Interest charges will also apply on any unpaid amounts.

Even if you can’t pay your full tax bill by April 30, it’s still better to file your return on time to avoid the late-filing penalty.

June 15: Self-Employed Tax Deadline

If you’re self-employed or run a small business, you get a bit more time to file your taxes. Your tax return is due by June 15.

• Who qualifies: Self-employed individuals, freelancers, and business owners.

• Important note: While you have until June 15 to file, any taxes you owe are still due by April 30. If you miss the April 30 payment deadline, you’ll be charged interest on the amount owed.

So, even if you’re self-employed, it’s a good idea to calculate and pay your taxes by April 30 to avoid extra charges.

Other Important Deadlines

Tax season isn’t just about income tax returns. Here are a few other deadlines to keep in mind:

• GST/HST Filing: If you’re registered for GST/HST, your filing deadlines depend on your reporting period (monthly, quarterly, or annually). Make sure to check your specific due dates.

• Tax Installments: If you owe more than $3,000 in taxes for the year (not including deductions at source), you may need to make quarterly tax installment payments. These are typically due in March, June, September, and December.

What Happens if You Miss a Deadline?

Missing a tax deadline can be costly. Here’s what you might face:

• Late-filing penalties: As mentioned earlier, these can add up quickly.

• Interest charges: The CRA charges interest on any unpaid amounts, starting the day after the deadline.

• Loss of benefits: Missing the deadline could delay benefits like the Canada Child Benefit or GST/HST credits.

To avoid these issues, mark your calendar with all the relevant deadlines and set reminders. If you’re unsure about your taxes, consider reaching out to a tax professional for help.

Tax deadlines don’t have to be overwhelming. By staying organized and knowing the key dates, you can avoid penalties and keep your finances on track. Mark your calendar for April 30 (or June 15 if you’re self-employed), and don’t hesitate to seek professional advice if you need it. A little planning now can save you a lot of stress later!