Last Updated On 15 April 2024, 4:40 AM EDT (Toronto Time)
Tax Deadline 2024: Canadians are already filing their taxes, while some are still preparing to complete this important civic responsibility.
The deadline is drawing near, so it’s critical to remember the important dates and instructions to avoid any last-minute scrambling or fines.
Filing your return on time allows you to avoid interest and penalties and receive your refund earlier.
To make this season less stressful, we’ve compiled a list of all the main deadlines regarding the Canadian tax deadline for 2024.
Personal Tax Deadline 2024
The deadline for filing individual taxes is approaching, with a due date set for April 30, 2024.
The Canada Revenue Agency (CRA) typically expects individual taxpayers to file their tax returns by April 30 of each year.
If April 30 falls on a weekend, the CRA extends the deadline to the next working day.
This year, CRA has also launched its NETFILE service on February 19, 2024, to electronically receive submitted returns.
You must receive or postmark mailed responses by the due date and send electronic returns by midnight local time on the due date.
You may also like: New Tax Brackets in Canada For 2024
Self-Employed/Business Tax Deadline: 2024
If you, your spouse, or your common-law partner operated a business in 2023 and incurred business expenses:
- relating mostly to a tax shelter investment, your 2023 return must be filed by April 30, 2024
- other than those relating mostly to a tax shelter investment, your 2023 return must be filed by June 15, 2024
However, if you have a balance due in 2023, you must pay it on or before April 30, 2024.
Some incorporated businesses, however, may choose to use a non-calendar fiscal year, in which case their returns are due six months after the fiscal year ends.
You may also like: New Canada Revenue Agency (CRA) Tax Rules 2024
Important CRA dates and deadlines for 2024
We’ve compiled a list of all the dates you’ll need to remember during the tax season.
Filing dates for 2023 taxes
- Apr 30, 2024 : Deadline to file your taxes
- Jun 15, 2024: Deadline to file your taxes if you, your spouse, or your common-law partner are self-employed
Payment date for 2023 taxes
- Apr 30, 2024: Deadline to pay your taxes
What happens if you file your personal taxes late?
Filing your taxes late, even if you have received a refund or do not owe any further tax, will result in no fees or penalties.
If you owe money and file late, the CRA will impose a five percent penalty on the taxes owed, plus an additional percent for each month late for up to 12 months.
Individuals must pay their taxes to the CRA on the same day that their tax returns are due.
If you are unable to pay the whole amount, the CRA will accept late payments but apply compound daily interest on all amounts owed.
Important: For your 2023 taxes, the CRA has raised the interest rate on delinquent taxes to 10%, which might have a major impact on your finances. Careful tax planning can help alleviate the burden.
What happens if I am self-employed and file taxes late?
As a small business owner, you may be required to file additional returns, including payroll, GST/HST payments and withholdings.
Failure to meet the CRA’s payroll requirements incurs penalties and interest; there are numerous sorts of penalties for payroll accounts.
Failure to deduct might result in a 10% penalty for the first failure, which increases to 20% for subsequent failures.
Late filing or non-payment penalties begin at 3% and increase to 20%.
What are due dates for tax instalment payments?
If you pay in installments throughout the year to prevent a hefty bill at tax time, you will have four due dates.
Whether you are self-employed or employed by someone else, you must make your installment payments on March 15, June 15, September 15, and December 15 of each year.
What if I don’t file and pay my taxes on time?
To avoid interest and penalties, as well as disruptions to your benefit and credit payments, file your return early or before the due date.
When is the tax deadline for 2024?
2024 tax filing deadline is April 30th.
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