Penalties and interest are the most avoidable costs in the tax system: you pay them for being late, not for owing money. This guide collects the deadlines that matter most for individuals and owner-managed businesses.
Personal income tax
- April 30 - filing deadline for most individuals, and the payment deadline for everyone, including the self-employed.
- June 15 - filing deadline if you or your spouse are self-employed. Remember: any balance owing was still due April 30.
- 60 days into the new year (typically March 1) - last day to make an RRSP contribution that can be deducted on the prior year's return.
When a deadline falls on a weekend or statutory holiday, the CRA treats your return as on time if it is received the next business day.
Corporations
- Six months after year-end - T2 corporate return filing deadline. A December 31 year-end means a June 30 filing deadline.
- Two months after year-end - general deadline for paying corporate tax owing. Many Canadian-controlled private corporations claiming the small business deduction get three months.
- Provincial corporate registry annual return - due each year to keep the corporation in good standing. In Alberta this falls in the corporation's anniversary month; other provinces set their own schedule.
GST
Your GST filing frequency (annual, quarterly, or monthly) is assigned by the CRA based on revenue. Quarterly and monthly filers generally file and pay one month after each period ends. Annual filers typically file three months after year-end, and may owe quarterly instalments if last year's net GST was $3,000 or more.
Payroll
- The 15th of the following month - source deduction remittance deadline for regular remitters (most small employers). Larger payrolls are assigned accelerated schedules.
- Last day of February - T4 slips and summary due to the CRA and to your employees.
Payroll remittance penalties escalate quickly and are among the steepest the CRA charges - this is the deadline set to automate first.
Workers' compensation
Coverage is provincial, so the deadline depends on where you operate. In Alberta the WCB annual return is due February 28, reporting last year's actual payroll and this year's estimate. Other provincial boards run their own timetables.
The habit that makes deadlines easy
Almost every late filing we see comes from the same root cause: records that were not ready. Monthly bookkeeping turns each of these deadlines into a small, routine task instead of a scramble. If a deadline on this list has already slipped past you, file as soon as possible, because the late-filing penalty grows every month, and get in touch if you would like help catching up.
A note on this article: tax rules and deadlines change. This article is general information, not advice for your specific situation - for that, talk to us.