Why Tax Deadlines Matter

Missing tax deadlines can result in penalties, interest charges, and unnecessary stress. Whether you're an individual taxpayer, self-employed professional, or business owner, staying on top of key dates is essential for financial success and compliance.

Personal Tax Deadlines

April 30, 2024 - Individual Tax Returns

The deadline for most Canadians to file their 2023 personal income tax returns. If you owe taxes, payment is also due by this date to avoid interest charges.

• File your T1 General return online or by mail
• Include all income sources: employment, investments, rental income
• Claim eligible deductions and credits
• Pay any balance owing to avoid interest starting May 1

June 15, 2024 - Self-Employed Filing Deadline

If you or your spouse/common-law partner are self-employed, you have until June 15 to file your return. However, any taxes owed are still due April 30.

• Extended filing deadline for self-employed individuals
• Payment deadline remains April 30 (interest accrues after this date)
• Include business income and expenses
• Report all T4A, T5, and other income slips

Business Tax Deadlines

March 31, 2024 - Corporate Year-End for Many Businesses

Many Canadian corporations have a December 31 fiscal year-end, making March 31 a critical deadline for filing corporate tax returns (T2).

June 30, 2024 - Two Months After Year-End

Corporations must file their T2 Corporate Income Tax Return within six months of their fiscal year-end. For December 31 year-ends, this means June 30, 2024.

Quarterly Installments

If your business owes more than $3,000 in taxes, you may need to make quarterly installment payments:

• March 15, 2024 - Q1 installment
• June 15, 2024 - Q2 installment
• September 15, 2024 - Q3 installment
• December 15, 2024 - Q4 installment

GST/HST Deadlines

Monthly Filers

GST/HST returns and payments are due by the end of the month following the reporting period. For example:

• January 2024 return - Due January 31, 2024
• February 2024 return - Due February 29, 2024

Quarterly Filers

• April 30, 2024 - Q1 (Jan-Mar) return and payment
• July 31, 2024 - Q2 (Apr-Jun) return and payment
• October 31, 2024 - Q3 (Jul-Sep) return and payment
• January 31, 2025 - Q4 (Oct-Dec) return and payment

Annual Filers

If you file annually, your GST/HST return and payment are due by June 15 for businesses with December 31 year-ends.

Payroll Remittance Deadlines

Depending on your average monthly withholding amount (AMWA), payroll remittances are due:

• Quarterly Remitters: 15th day of the month following the quarter
• Monthly Remitters: 15th day of the following month
• Accelerated Remitters: Specific dates twice per month

Other Important Dates

February 28, 2024 - T4/T5 Slip Filing

Employers must file information returns (T4, T4A, T5, etc.) and distribute copies to employees and recipients by the last day of February.

March 1, 2024 - RRSP Contribution Deadline

While not a tax filing deadline, contributing to your RRSP by March 1, 2024, allows you to claim the deduction on your 2023 tax return.

Tips to Stay on Track

• Set Calendar Reminders: Add all deadlines to your digital calendar with advance warnings
• Organize Throughout the Year: Don't wait until the deadline - maintain organized records year-round
• File Early: Submit your returns well before the deadline to avoid last-minute stress
• Use Direct Deposit: Get refunds faster by setting up direct deposit with CRA
• Work with a Professional: A qualified accountant ensures nothing is missed

Consequences of Missing Deadlines

Filing or paying late can result in:

• Late-Filing Penalty: 5% of the balance owing, plus 1% for each full month late (up to 12 months)
• Interest Charges: Compound daily interest on unpaid amounts
• Loss of Benefits: Delayed or suspended benefit payments like GST/HST credit
• CRA Collections: Potential legal action for persistent non-compliance

Need Help Staying Compliant?

Tax deadlines can be overwhelming, especially if you're managing a business. Calvin Bui & Partners can help you stay organized, meet all deadlines, and optimize your tax strategy throughout the year.