Happy New Year! Key Tax Dates You Need to Know
Happy New Year! Now that the holidays are officially over, we are heading into everyone’s “favorite” time of year: tax season is almost here.
Whether you are a business owner or filing as an individual, keeping track of deadlines is essential to avoid penalties and interest. Here is a rundown of the important upcoming dates you need to know.
For Employers and Corporate Owners
If you are an employer or a corporate owner, the tax season has already begun.
- Slip Filing: Filing for T4s, T5s, and T4As opened on Monday, January 12th. You have until February 28th to file these slips and distribute them to your employees.
- Source Deductions: Your final source deduction for 2025 is due on January 15th. This applies to both monthly and quarterly remitters.
- Planning Tip: This is your last chance to adjust any corporate owner tax planning involving salary for 2025. You must make your remittance on time.
- Match Your Remittances: Ensure your remittances to date match the T4s you are about to file. If they don’t, you risk triggering a “PIER review” (Pensionable and Insurable Earnings Review) later in the year.
Important Note on CRA Letters: This is the time of year when the CRA sends out letters regarding changes to remittance periods. We have seen several quarterly remitters being changed to monthly remitters.
- If you have been switched to monthly, your next filing deadline is February 15th.
- Please let your payroll provider know immediately if you receive one of these letters, as payroll penalties for missing this date are the highest.
For Individual Taxpayers
For personal tax filings, here is what you need to mark on your calendar:
- RRSP Deadline: The deadline to make contributions for your 2025 return is March 2nd.
- E-File System Shutdown: If you need to file a prior year’s return (up to 2024), the E-file system shuts down on January 30th. This is your last chance to file electronically before the system closes for maintenance.
- Filing Opens: The system opens for 2025 personal tax filing on February 25th.
- Filing Deadline: The deadline for most individuals to file and pay any taxes owed is April 30th.
For the Self-Employed: If you are self-employed, you have until June 15th to file your return. However, if you owe any tax, that payment is still due by April 30th to avoid interest charges.
Changes from Last Year
Please note that the extensions provided last year regarding donations and capital gains filings were for one year only. They do not apply to the 2025 filing season.
Need Help? If you have questions or need assistance with your bookkeeping or tax preparation, we are here to help. Just Ask Sam!