As we step into the new year, it’s essential to stay ahead of your tax obligations. Missing a tax deadline can lead to unnecessary penalties, interest, and added stress. At Brown Boys Accounting, we’re here to help you navigate the complex world of taxes and ensure you never miss a critical date. Here’s everything you need to know about Canada’s key tax deadlines in 2025, along with their start dates.
Personal Income Tax Returns (T1 General)
Start Date: February 20, 2025
Deadline: April 30, 2025
Individuals can begin filing their personal income tax returns on February 20, 2025. This includes employment income, investment income, and any other taxable earnings. Ensure you file by April 30, 2025, to avoid penalties and interest on taxes owed.
Pro Tip: Start collecting all your tax slips (T4, T5, RRSP contribution receipts, etc.) as early as January to avoid last-minute stress.
Self-Employed Individuals
Start Date: February 20, 2025
Filing Deadline: June 15, 2025
Payment Deadline: April 30, 2025
If you’re self-employed, your filing deadline is June 15, 2025, but any taxes owed must be paid by April 30, 2025. Filing after this date without payment can incur interest charges.
Expert Advice: Begin gathering expense receipts and invoices in January to stay ahead of the game. Use professional bookkeeping services to avoid errors.
Corporate Tax Returns (T2)
Start Date: The day after your fiscal year-end
Deadline: Six months after your fiscal year-end
Corporations must file their T2 tax return within six months of their fiscal year-end. For instance, if your fiscal year ends on December 31, 2024, your filing deadline is June 30, 2025. Taxes owed must be paid within two months of your fiscal year-end (e.g., February 28, 2025).
Important Note: For Canadian-Controlled Private Corporations (CCPCs) eligible for the small business deduction, the tax payment deadline is extended to three months after the fiscal year-end.
RRSP Contribution Deadline
Start Date: January 1, 2025
Deadline: March 1, 2025
You can start contributing to your RRSP for the 2024 tax year from January 1, 2025, and the deadline to contribute is March 1, 2025. These contributions help reduce your taxable income for the 2024 tax year.
Take Action: Work with your accountant to calculate the maximum RRSP contribution that benefits your tax situation.
GST/HST Filing and Payment Deadlines
Start Date: Depends on your reporting period
Monthly Filers: First payment due January 31, 2025
Quarterly Filers: First payment due April 30, 2025
Annual Filers: Filing deadline three months after your fiscal year-end
Depending on your reporting schedule, GST/HST deadlines vary:
- Monthly Filers: Payments are due at the end of the following month (e.g., January’s GST/HST is due by February 28, 2025).
- Quarterly Filers: Payments for Q1 2025 (January–March) are due by April 30, 2025.
- Annual Filers: Payments are due two months after your fiscal year-end, and the return is due three months after.
Payroll Source Deductions
Start Date: January 15, 2025 (first monthly remittance for January)
Deadlines:
- Monthly Remitters: 15th of each following month.
- Quarterly Remitters: Due dates depend on your schedule but typically align with fiscal quarters.
If you’re an employer, source deductions for CPP, EI, and income tax must be remitted regularly:
- Monthly: By the 15th of the following month.
- Quarterly: On a custom schedule provided by the CRA.
What Happens If You Miss a Deadline?
Missing a tax deadline can result in:
- Late Filing Penalties: Typically 5% of the balance owing, plus 1% for each additional month (up to 12 months).
- Interest Charges: Applied daily on unpaid amounts starting from the due date.
- Compliance Issues: Repeated late filings can trigger audits or reviews.
At Brown Boys Accounting, we proactively manage your deadlines, ensuring you remain compliant and stress-free.
Why Choose Brown Boys Accounting?
We don’t just prepare your taxes—we help you plan for them. Our team offers personalized services, expert advice, and a hassle-free experience to keep you on track.
Let’s Get Started Today!
Stay ahead of your tax deadlines with Brown Boys Accounting. Contact us for professional and reliable tax solutions tailored to your needs.