Canadian Tax Deadlines: Complete Guide for 2024-2025
Understanding Canadian tax deadlines is crucial for compliance with the Canada Revenue Agency (CRA) requirements. This comprehensive guide outlines all major tax filing and payment deadlines for 2024-2025, helping you avoid costly penalties and interest charges.
Key Tax Filing Deadlines in Canada
Personal Tax Deadlines
- Filing Deadline: April 30, 2025
- Payment Deadline: April 30, 2025
- Special Circumstances: Different deadlines may apply for deceased persons’ returns
Self-Employed Individual Deadlines
- Filing Deadline: June 16, 2025 (extended from June 15 due to weekend)
- Payment Deadline: April 30, 2025
- Important Note: While filing deadline is extended, all taxes owed must still be paid by April 30, 2025
Corporate Tax Filing Dates
Corporate tax returns (T2) must be submitted within six months after the business’s fiscal year-end. For example:
- December 31, 2024 year-end → Filing due June 30, 2025
- T4 and T5 Filing Deadline: February 28, 2025
Important Investment Account Deadlines
RRSP Contribution Deadlines
- 2024 Tax Year Deadline: March 1, 2025
- Contribution Limits:
- 18% of previous year’s pre-tax earnings OR
- CRA’s yearly maximum (whichever is less)
- Plus unused contribution room from previous years
- Age Limit: December 31 of the year you turn 71
TFSA Contribution Limits
- 2024 Contribution Limit: $7,000
- Cumulative Room: $95,000 (if eligible since 2009)
- Contribution Period: January 1 to December 31, 2024
Special Entity Filing Deadlines
Charity Filing Requirements
- Form T3010 due within six months of fiscal year-end
- Example: December 31, 2024 year-end → Filing due June 30, 2025
- New T3010 form version released January 2024
Partnership Return Deadlines
- Individual Partners: April 1, 2025
- Corporate Partners: 5 months after fiscal period end
- Mixed Partnerships: Earlier of March 31, 2025, or five months after fiscal period end
Trust Filing Deadlines
- Due 90 days after trust’s tax year-end
- Example: December 31, 2024 year-end → Filing due March 31, 2025
- Enhanced reporting requirements apply for taxation years ending December 31, 2023, and later
Special Notes for Bare Trusts
- 2023 filing exemption announced March 28, 2024
- Expected to resume filing requirements for 2024 tax year
- Further CRA guidance pending
CRA Penalties and Interest Charges
Late Filing Penalties
- Standard Penalty: 5% of balance owing plus 1% per month (up to 12 months)
- Repeat Late Filers: 10% of balance owing plus 2% per month (up to 20 months)
- Maximum Penalty: 17% for first-time late filers, 50% for repeat late filers
Interest Charges
- Compounded daily
- Current Rate (June 2024): 10% annually
- Updated quarterly by CRA
Penalty Calculation Example
For a repeat late filer owing $5,000 and filing 20 months late:
- Base Penalty (10%): $500
- Monthly Penalty (2% × 20): $2,000
- Interest Charges: ~$1,400
- Total Owing: Approximately $8,900
Remember that deadlines falling on weekends or holidays are typically extended to the next business day. Always verify current rates and deadlines on the CRA website as they may be subject to change.
For the most accurate and up-to-date information specific to your situation, consult with a qualified tax professional or contact the CRA directly.