Tax Filing Deadline 2024 in Canada

Reshma Sharma CPA
4 min readMar 28, 2024

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Tax season is an important time for individuals and businesses in Canada to fulfill their tax obligations. It is essential to be aware of the tax filing deadlines and associated requirements to ensure compliance with the Canadian tax system.

In this guide, we will provide important details about the tax filing deadline 2024 in Canada.

Individual Tax Filing Deadline

For most individuals in Canada, the tax filing deadline for the 2023 tax year is April 30, 2024. This means that individuals must submit their personal income tax returns to the Canada Revenue Agency (CRA) by this date.

It is important to note that if the deadline falls on a weekend or a public holiday, the deadline is extended to the following business day.

Self-Employed and Partnerships Tax Filing Deadline

Self-employed individuals and partnerships in Canada have a different tax filing deadline. The deadline for filing self-employed and partnership tax returns for the 2023 tax year is June 15, 2024 (Since it fall on Saturday, June 17, 2024 will be the last date). However, any balance owing must still be paid by the April 30th deadline to avoid interest charges.

Corporate Tax Filing Deadline

For corporations operating in Canada, the tax filing deadline is within six months of the end of the corporation’s fiscal year. This deadline applies to both Canadian-controlled private corporations (CCPCs) and foreign-controlled corporations conducting business in Canada. It is important for corporations to carefully determine their fiscal year-end and file their tax returns accordingly.

New tax filing obligations await many unsuspecting Canadians in 2024?

Indeed, there are new tax filing requirements for Canadians in 2024. These new changes are aimed at improving transparency and reducing tax evasion. The main point dotyczy (concerns) trusts.

Here’s an overview about it:

Trusts now need to file annual tax returns: Previously, trusts weren’t required to file returns unless they had any income to report. Now, there’s a mandatory annual filing regardless of income.

More information disclosure: The new rules require trusts to disclose details about beneficiaries along with other financial information in their tax returns.

This could also extend more paperwork and higher costs for some Canadians who manage trusts. Full article can be found here.

Also read: Importance and Benefits of Tax Planning in Business

Avoid Late Tax filing Penalty

Failing to file tax returns by the deadline can result in penalties imposed by the CRA. For individuals, the penalty for late filing is calculated as 5% of the balance owing, plus an additional 1% of the balance owing for each full month the return is late, up to a maximum of 12 months.

For corporations, the penalty for late filing is calculated as a flat rate penalty plus a daily penalty. The flat rate penalty varies depending on the corporation’s gross revenue, while the daily penalty is imposed for each day the return is late.

It is important to note that late filing of tax returns can also result in interest charges on any amounts owed to the CRA. To avoid late penalties and interest charges, it is important to file your income tax returns on time and pay any taxes owed by the respective deadlines.

Tax Filing Extensions

In some circumstances, individuals and businesses may require additional time to file their tax returns. The CRA allows extensions on a case-by-case basis if a valid reason is provided. It is important to contact the CRA before the deadline to request an extension if necessary.

Importance of Meeting the Deadline

Meeting the tax filing deadline is crucial to avoid penalties and any associated interest charges.

Additionally, timely filing ensures that individuals and businesses can access government programs and benefits, such as the Canada Child Benefit, Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit.

Filing tax on time also helps maintain a good relationship with the CRA and reduces the stress and potential consequences of late filing.

In conclusion, being aware of the tax filing deadline 2024 in Canada is essential for individuals and business owner. The deadlines vary depending on the taxpayer’s situation, with different dates for individuals, self-employed individuals, partnerships, and corporations.

Late filing can result in penalties and interest charges, so it is necessary to meet the respective deadlines or request an extension if needed. By understanding and adhering to the tax filing requirements, taxpayers can ensure compliance and access important government programs and benefits. Reach our professional tax accountant for worries-free tax filing.

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Reshma Sharma CPA
Reshma Sharma CPA

Written by Reshma Sharma CPA

https://rscpafirm.com - Professional tax and accounting firm serving clients in Brampton and surrounding Greater Toronto Areas in Ontario. Get in touch today.

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