Tax season is upon us, and it only requires knowing the vital deadlines to have a smooth, timely filing. The Canada Revenue Agency will start accepting online tax returns on February 24, 2025. Here is a list of some important tax dates and what they mean for you:
February 24 – Opening Day for Online Tax Returns
The CRA opens its electronic filing systems on February 24 for taxpayers to start filing their returns online: free tax-filing packages-net file, refile- and independent preparers and services such as H&R Block and TurboTax to submit returns through the CRA’s EFILE web service.
February 28- The Given Date for Employees in Providing Tax Documents
All the necessary tax documents for an employee, for example, T4 slips, have to be provided by employers by February 28. This holds even though the employee does not work for the company anymore. Failure to comply with this deadline has penalties attached.
March 3- RRSP Contribution Due Date
If you will be putting in money toward your Registered Retirement Savings Plan (RRSP) for a tax deduction on the taxable end of 2024, do it before March 3, 2025. The contribution limit of $31,560 or 18% of your prior year’s income, whichever is lower, will be set for 2024.
Individual Tax Returns Deadline – 30th April
The last date for filing individual returns is 30th April and the payments which are outstanding to be made for tax for the 2024 tax year fall due on the same day. If you owe taxes and don’t pay them before this time, the CRA will charge interest daily compounded on the outstanding balance from another determined date forward, May 1.
These Late Filers will be entitled to a 5% Penalty on the Balance Due, plus an Additional 1% Penalty for Each Month the Return is Late, up to a Maximum of 12 Months.
June 15- The Filing Deadline for the Self-Employed Tax Return
Self-employed persons must file their tax returns by June 15. However, repayment of any outstanding balance is still due by April 30, and interest will start accruing on this amount as of May 1.