Tax season is upon us once again. Staying organized during tax season is essential for avoiding penalties and last-minute rushing —ensuring some financial peace of mind. We’ve put together a comprehensive guide that outlines the key Canadian tax deadlines for 2025 for personal income tax, self-employed individuals, and businesses & corporations to help you plan ahead and meet your obligations to the Canada Revenue Agency (CRA).
General Tax Deadlines for Individuals
- Personal Income Tax Filing Deadline
- The deadline to file your personal income tax return is April 30, 2025. Ensure all required documents, such as T4 slips and receipts, are ready ahead of time.
- Tax Payment Deadline
- If you owe taxes for the 2024 filing year, your payment must also be made by April 30, 2025, to avoid late payment penalties and interest.
- RRSP Contribution Deadline
- To maximize your deductions for the 2024 tax year, contribute to your Registered Retirement Savings Plan (RRSP) by March 1, 2025.
Key Deadlines for Self-Employed Individuals
Self-employed Canadians and their spouses or common-law partners have a slightly extended filing deadline.
- Filing Deadline: You have until June 15, 2025, to submit your return.
- Payment Deadline: However, any taxes owed for 2024 must still be paid by April 30, 2025.
Business and Corporate Tax Deadlines
For businesses and corporations, tax deadlines vary depending on fiscal year-end and filing requirements:
- Corporate Tax Returns
- Generally, corporate tax returns are due six months after the end of the fiscal year. For example, if your fiscal year ends on December 31, 2024, your return is due by June 30, 2025.
- GST/HST Returns
- Monthly filers: Due by the end of the following month.
- Quarterly filers: Due within one month after the end of the reporting period.
- Annual filers: Due three months after fiscal year-end.
- T4 Slip Submission Deadline
- Employers must submit T4 slips and summaries to the CRA by February 28, 2025.
Quarterly Installment Deadlines
Individual taxpayers who owe more than $3,000 in taxes (or $1,800 for Quebec residents) may need to make quarterly installment payments. These payments are due on:
- March 15, 2025
- June 15, 2025
- September 15, 2025
- December 15, 2025
Provincial Tax Deadlines
Most provinces, including Ontario, adhere to the same federal filing and payment deadlines:
- Personal Income Tax Filing and Payment Deadline: April 30, 2025.
- Corporate and Business Tax Deadlines: Align with the CRA’s deadlines based on fiscal year-end and GST/HST reporting schedules.
For detailed provincial tax information, consult the Ontario Ministry of Finance.
How to Stay Organized
- Use Digital Tools: Set calendar reminders or use tax software to track deadlines.
- CRA My Account: Register for this online service to view your tax details and file returns.
- Hire a Professional: Consider consulting a tax expert (like SBLR!) to ensure accuracy and compliance.
Consequences of Missing Deadlines
Failing to file or pay taxes on time can result in significant penalties:
- Late Filing Penalty: 5% of your balance owing, plus 1% for each month your return is late (up to 12 months).
- Interest on Unpaid Taxes: Compounded daily interest applies to outstanding balances starting May 1, 2025. Interest is compounded daily at the prescribed interest rate, which can change every three months.
Staying ahead of key Canadian tax deadlines in 2025 is crucial for avoiding penalties and ensuring a smooth tax season. Feeling overwhelmed or don’t know where to start? We are here to help you file with confidence and focus on your financial goals. Request a consultation today.