When Is Tax Season in Canada? Key Deadlines to Know
Master the timing of your annual tax obligations in Canada. Gain clarity on the key periods to ensure accurate reporting and financial peace of mind.
Tax season in Canada is when individuals prepare and submit their income tax and benefit returns to the Canada Revenue Agency (CRA). This involves reporting income from the previous calendar year and claiming eligible deductions, credits, and expenses. Meeting deadlines helps taxpayers comply with regulations, avoid penalties and interest, and ensures timely processing of refunds and government benefits.
Key Filing Deadlines for Individuals
Most individual taxpayers in Canada must file their income tax and benefit return by April 30 each year for the previous calendar year’s income. This date is also the deadline for paying any taxes owed. For example, the 2024 tax return and payment are due by April 30, 2025.
If April 30 falls on a Saturday, Sunday, or a public holiday recognized by the CRA, the filing and payment deadline extends to the next business day. For instance, if April 30 is a Saturday, the deadline shifts to the following Monday. Electronically submitted returns must be filed before midnight local time on the due date, while mailed returns must be received or postmarked by the deadline. The CRA begins accepting electronically filed returns, often through its NETFILE service, in late February.
Special Filing Deadlines
Self-employed individuals, along with their spouses or common-law partners who also have self-employment income, have a later filing deadline for their income tax and benefit returns. Their filing deadline is June 15 for the previous calendar year’s income. For example, for the 2024 tax year, the filing deadline for self-employed individuals is June 16, 2025, since June 15 falls on a Sunday.
Despite the extended filing deadline for self-employed individuals, any taxes owed must still be paid by the standard April 30 deadline to avoid interest charges. If a deceased person passed away between January 1 and October 31 of a tax year, their final return is due by April 30 of the following year. If the death occurred between November 1 and December 31, the final return is due six months after the date of death.
Trusts generally must file a T3 Income Tax and Information Return no later than 90 days after their tax year-end. For most trusts, whose tax year-end is December 31, this means their T3 return is due by March 31 of the following year.
Understanding Penalties and Interest
Failing to file an income tax return by the deadline when there is a balance owing can result in late-filing penalties. The initial penalty is 5% of the unpaid tax balance, plus an additional 1% for each full month the return is late, up to a maximum of 12 months. If a taxpayer incurred a late-filing penalty in any of the three previous tax years and received a formal demand for a return, the penalty for the current year increases. In such cases, the penalty becomes 10% of the balance owing, plus an additional 2% for each full month the return is late, up to a maximum of 20 months.
The CRA also charges compound daily interest on any unpaid tax amounts, beginning the day after the payment deadline. This interest applies to both overdue taxes and any penalties incurred. The interest rate is adjusted quarterly based on prescribed rates.
Receiving Your Tax Information Slips
Taxpayers generally receive various information slips from their employers, financial institutions, and other payers to help them prepare their tax returns. Common slips include the T4 (Statement of Remuneration Paid), T4A (Statement of Pension, Retirement, Annuity, and Other Income), and T5 (Statement of Investment Income). Most of these slips are typically issued and mailed by the end of February each year.
For Registered Retirement Savings Plan (RRSP) contribution slips, those for contributions made in the first 60 days of the tax year may not be received until May. Other slips, such as T3 (Statement of Trust Income Allocations and Designations) and T5013 (Statement of Partnership Income), usually have a later issuance deadline, often by the end of March. If a taxpayer has not received their expected tax slips by mid-March, they should contact the issuer directly to request a copy.