Key Dates for Canada Tax Deadline 2025

Here’s a summary of the key tax deadlines and information for 2025 in Canada:

1. Important Dates:

   • April 30, 2025: Deadline for most Canadians to file their income tax returns.

   • June 16, 2025: Deadline for self-employed individuals and their spouses to file.

   • March 1, 2025: Last day to contribute to RRSPs for the 2024 tax year.

2. Filing Deadlines:

   • Individual tax returns are due by April 30 unless the filer is self-employed, in which case they have until June 16 to file (tax payments are still due by April 30).

   • Businesses must file corporate taxes within six months of the end of their fiscal year. For T4 slips, the deadline is the last day of February.

3. Considerations for Special Circumstances:

   • Deceased individuals: The filing deadline for someone who passes away between January 1 and April 30 is June 16, while those who die after April 30 have six months from the date of death.

4. Contributions and Deductions:

   • RRSP contributions: Must be made by March 1, 2025 to be deducted from the 2024 income.

   • TFSA: The contribution limit for 2024 is $7,000, with a cumulative limit of $88,000 for individuals who have contributed since 2009.

5. Penalties for Late Filing:

   • Late filings incur penalties starting at 5% of the unpaid taxes, plus 1% for each full month the return is late, up to 12 months. Interest on unpaid taxes also accrues daily.

6. Tips:

   • It is essential to mark your tax deadlines and submit filings on time to avoid penalties and ensure compliance.

   • Seek professional help if necessary to navigate tax complexities and maximize savings.