Missing a CRA deadline can mean penalties, interest and delayed benefits. These are the dates that apply to most individuals each year.
April 30 — filing and payment deadline
Most individuals must file their personal (T1) return by April 30. Any balance owing for the year is also due on April 30, even if you are allowed to file later.
June 15 — self-employed filing deadline
If you or your spouse or common-law partner carried on a business during the year, your return is due by June 15. Interest on any balance owing still starts after April 30, so it is best to pay by then.
RRSP contributions — first 60 days of the year
Contributions made in the first 60 days of the year can be deducted on the previous year’s return, within your RRSP deduction limit. Your limit is shown on your latest Notice of Assessment.
Quarterly instalments
If the CRA asks you to pay tax by instalments, payments are due on March 15, June 15, September 15 and December 15.
Weekends and holidays
When a deadline falls on a Saturday, Sunday or public holiday, your return or payment is considered on time if the CRA receives it by the next business day.
What happens if you file late
If you owe tax and file late, the CRA charges a late-filing penalty of 5% of the balance owing, plus 1% for each full month the return is late, up to 12 months — and higher penalties can apply to repeat late filers. Even if you owe nothing, filing on time keeps benefits such as the Canada Child Benefit, the GST/HST credit and the Ontario Trillium Benefit flowing.
This article is general information only and is not tax or legal advice. Tax rules change — please contact us about your situation.