Many Canadians have started submitting their tax forms, and others are getting ready to finish this key duty.
The due date is approaching fast, so it is essential to keep track of the key dates and guidelines to prevent rushing at the last moment or getting fined.
Sending in your taxes promptly helps you dodge extra charges and get your tax refund sooner.
We’ve put together all the major due dates related to the Tax Deadline 2024 to help make this time a bit easier for you.
Personal Tax Deadline 2024
In Canada, for the year 2024, you need to finish your taxes by April 30 if you work for someone else. But if you work for yourself, you have more time and can do them by June 15.
Make sure to do this on time so you do not have to pay extra and you can get any money back from the government sooner.
Self-Employed/Business Tax Deadline: 2024
For self-employed individuals and businesses in Canada, the tax deadline for filing your income tax return is June 15, 2024. However, if you owe money for the 2023 tax year, you need to pay it by April 30, 2024, to avoid interest charges.
It is important to note that if June 15 falls on a weekend or public holiday, the deadline will be the next business day. For those with instalment payments, the due dates are March 15, June 15, September 15, and December 15. Remember to mark these dates to ensure you meet all the necessary deadlines.
Important CRA dates and deadlines for 2024
Here are the important CRA dates and deadlines for 2024:
- First day to file taxes: February 19, 2024
- RRSP contribution deadline: February 29, 2024
- T4 issuance deadline: February 29, 2024
- Personal tax filing deadline: April 30, 2024
- Self-employed tax filing deadline: June 15, 2024
- Payment deadline for taxes owed: April 30, 2024
- Instalment payment deadlines: March 15, June 15, September 15, and December 15, 2024
- GST/HST credit payment dates and Canada Child Benefit (CCB) payment dates: These are sent out quarterly and monthly, respectively
What happens if you file your personal taxes late?
If you file your personal taxes late in Canada and you owe money, you will have to pay a penalty. The penalty starts at 5% of the amount you owe, plus 1% more for each month your taxes are late, up to 12 months. If you are really late and the Canada Revenue Agency (CRA) had to ask you for a tax return in the past, the penalty could be 10% of what you owe, plus 2% for each month, up to 20 months.
If you can not pay right away, you will also get charged interest starting May 1, 2024. Remember, even if you cannot pay, it is better to file on time to avoid the late filing penalty. If you need help, you can ask the CRA to cancel or reduce the penalties or interest if something serious happened that was out of your control.
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What happens if I am self-employed and file taxes late?
If you’re self-employed in Canada and you file your taxes late, here’s what could happen:
- You will get a late-filing penalty of 5% of the taxes you owe.
- Plus, there’s an extra 1% charge for each month your taxes are late, up to 12 months.
- If you’ve been late before, the penalties can be even higher
So, it’s a good idea to file your taxes on time to avoid these extra costs. If you can’t pay all at once, you might be able to make a payment plan with the Canada Revenue Agency (CRA). Remember, the deadline to pay any taxes you owe is still April 30, 2024, even if you have until June 15, 2024, to file.
What are due dates for tax instalment payments?
The due dates for tax instalment payments in Canada for the year 2024 are:
- March 15
- June 15
- September 15
- December 15
If any of these dates fall on a weekend or public holiday, the payment is considered on time if it’s received on the next business day. For self-employed individuals whose income mainly comes from farming or fishing, there’s only one instalment payment due by December 31.
People Also Ask
When can I start filing my taxes for 2024?
You can start filing your taxes online from February 19, 2024.
What is the deadline for most Canadians to file their taxes?
The deadline for most Canadians to file their 2023 tax return is April 30, 2024.
What if I’m self-employed?
If you or your spouse/common-law partner are self-employed, the deadline to file your tax returns is June 15, 2024.
What are the instalment payment deadlines for 2024?
The quarterly instalment payment deadlines are March 15, June 15, September 15, and December 15, 2024.
What happens if I miss the tax filing deadline?
If you owe money and miss the deadline, you may have to pay interest, fees, or penalties.
When is the deadline for employers to issue T4s?
Employers must issue T4s by February 29, 2024.
What is the last date to make RRSP contributions?
The last date to make contributions to your RRSP for the 2023 tax year is February 29, 2024.
