Top Tax Filing Deadlines Canadians Must Know for 2025
For many Canadians, tax season can be stressful, but knowing some of the key deadlines can help you get that return filed on time. Failure to remember these key dates could be costly, resulting in penalties, interest charges, or a likely delay in getting a refund. You’ll find all the top tax filing deadlines for 2025, as well as helpful tips for staying on track in this comprehensive guide.
Personal Income Tax Deadlines
I. April 30, 2025
Most people have until this deadline to file their 2024 personal income tax return and pay any taxes owed to the Canada Revenue Agency (CRA). This filing date guarantees you avoid late filing penalties and interest on any outstanding balance. It’s essential to make sure that all crucial documents like T4 slips and receipts for deduction or credits are ready by this date.
With online tools, such as the CRA’s My Account, you can streamline the process and verify your tax information while submitting your return on time.
For tips to avoid penalties, check out Avoid Penalties for Filing Your Taxes Late.
II. June 15, 2025:
People who are self-employed and file their income taxes by themselves or with a spouse or common-law partner have until this date to file their 2024 income tax returns. However, you still have to pay any taxes owed by April 30, 2025. The CRA will consider your return as filed on time if it is received or postmarked by June 16, 2025, as June 15, 2025, is a Sunday.
Because self-employed people generally have more complex income sources and may need additional documentation, such as invoices and business expense receipts, it’s recommended that self-employed individuals start preparing their returns early.
Learn more about penalties in Penalties for Filing Your Taxes Late in Canada.
Corporate Tax Deadlines
i. Six Months After Fiscal Year-End
T2 Corporation Income Tax Return must be filed no later than six months after the end of the corporation’s fiscal year. Let’s say, for example, that your corporation’s fiscal year ends on December 31, 2024; then your return will be due by June 30, 2025.
ii. February 28, 2025
T4 slips (Statement of Remuneration Paid) and T5 slips (Statement of Investment Income) are due by this deadline for businesses to file for the 2024 tax year. By this date, these slips must also be provided to employees and shareholders.
Registered Retirement Savings Plan (RRSP) Deadline
- March 1, 2025
Contributions to your RRSP must be made before this date so that you can lower your taxable income for the 2024 tax year. For taxpayers wishing to maximize their RRSP contributions, this deadline is critical to maximize your tax savings.
Discover ways to claim deductions in Claiming Tax Deductions and Credits in Canada.
Trusts and Estates Deadlines
i. March 31, 2025
The T3 Trust Income Tax and Information Return must be filed by a trust within 90 days after the end of the tax year. For trusts that have a calendar end of the year on December 31, 2024, the filing date is March 31, 2025.
Tax-Free Savings Account (TFSA) Contribution Limit for 2025
There’s no firm deadline for adding money to a TFSA, but you must not go over your annual limit; doing so will incur penalties. The contribution limit for 2025 is $7,000. The unused contribution room from previous years extends to the following year.
Want to know the best tax software? Read The Best Tax Software for Canadians in 2024.
Penalties for Late Filing and Payment
If you owe taxes and file late after the deadline, the Canada Revenue Agency (CRA) penalizes you for late filing. The penalty structure includes:
- First Offense: A 5% penalty on the outstanding balance. 1% per month if the return is late, up to 12 months.
- Repeat Offenses: If, in the past three years, you’ve incurred penalties for a late filing, the penalty is doubled to 10% of the balance owing, plus 2% per month, for up to 20 months.
To avoid these penalties, always aim to file your returns and pay any taxes owed by the applicable deadlines. Explore detailed information on Penalties for Filing Your Taxes Late in Canada.
Stress-Free Tax Filing Tips
- Organize Your Documents Early: That’s why it’s always best to have all tax slips (T4s, T5s etc) and receipts on hand to avoid last-minute scrambling.
- Use CRA Online Services: The CRA’s My Account portal provides easy access to your tax information so you can track your refunds, view notices, and more.
- Consider Professional Help: If your tax situation is complex, hire a tax professional, as they will provide accuracy and maximize your deductions.
For practical tips on maximizing your tax return, check out Tax Deductions and Credits to Know About, a guide designed to help you uncover valuable savings opportunities.
Conclusion
Preparing well and marking these tax deadlines in your calendar saves you plenty of time to avoid unnecessary stress and financial penalties. The first step to a successful tax season is to stay informed whether you’re filing as an individual, business owner, or with a trust.
For more information about filing taxes in Canada, visit the Canada Revenue Agency Website.