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Important Dates
February 29 - RRSP contribution deadline
February 29 - Deadline for Home Buyer Plan repayments
April 30 - Individual Tax Return deadline
April 30 - Payment to the CRA for your balance owing including Self-Employed
June 15 - Self-Employed Tax Return deadline
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Tax filing and payment deadlines
Below are the tax filing and payment due dates for in Canada. The deadlines and reporting requirements for income tax returns vary depending on your tax situation (employee, self-employed, corporation, etc.).
Individuals
The income tax filing deadline for individuals, which applies to most Canadian taxpayers, is April 30. The Canada Revenue Agency (CRA) will consider your return to be filed on time if you submit it on or before April 30. You can also postmark your return on or before April 30 if you’re sending your return by mail.
If you owe taxes, you must pay the balance in full by April 30.
Self-employed individuals
If you’re self-employed, the CRA gives you extra time to file your taxes—the deadline is June 15. Your spouse or common-law partner will also have to file their return on or by June 15.
However, if you owe taxes, you (and your spouse or common-law partner) must pay the CRA in full by April 30, just like most taxpayers.
Corporations
If you earn income through a corporation, you must file your tax return (T2 form) no later than six months following the end of your fiscal year.
A corporate business can have a fiscal year that ends in any month of the year. So, if your corporation’s fiscal year is July 31, its tax return is due on the last day six months after that, January 31.
The payment deadline for corporate taxes varies. Typically, a corporation must pay its taxes in installments, with the balance due on the final day of each month. However, some organizations may qualify to submit payment quarterly. Any amount owing after deducting the installments already paid for the year is due two or three months following the end of the fiscal year. This amount is known as the balance of tax.
Other tax situations
Special tax filing rules may apply in certain situations, some of which can be challenging to decipher. In such circumstances, it’s worth consulting an accountant or tax lawyer for guidance. Below are some examples.
Deceased persons. If you’re in charge of settling the tax affairs of a deceased person, ensure you become familiar with the reporting and payment rules. The filing deadline for a deceased individual depends on when they passed away. If the death occurred between January 1 and October 31, the final return is due April 30. If they died between November 1 and December 31, you must submit their return six months following the date of their death.
Other tax-related due dates
The tax filing and payment deadlines are the most important dates to know. But there are others you’ll want to keep in mind for the 2023 tax year to avoid penalties, maximize your deductions, and get your refund sooner. Here are some to mark down in your calendar:
- Deadline for contributing to your RRSP: February 29
- First day you can file your tax return: February 20
- Deadline for issuing T4s to employees and the CRA: February 29
What happens if you file your tax return late?
You may incur penalties and interest charges if you don’t file your income tax return on time and owe taxes. The CRA charges a late-filing penalty of 5% on your balance due, plus 1% for each month you file your return late, up to a maximum of 12 months. In addition, interest charges will begin accumulating on your balance starting May 1—and these charges compound daily, so they’ll add up fast.
Let’s say you miss the tax filing deadline but don’t owe any taxes. In this scenario, you won’t get hit with penalties and interest. However, there may be delays in payment of certain government benefits that you collect, such as GST/HST credits, the Canada Child Benefit (CCB), and Old Age Security (OAS). Therefore, ensure you file your return on time, even if you can’t afford to pay your taxes, to avoid disrupting these government support payments.
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