Tax season is here and it can be a stressful time for some. The Canada Revenue Agency (CRA) sets strict filing deadlines and expects to receive your income tax returns and payments on time. If you want to avoid late fees, you need to know when your return and any payments are due. Here is a list of some important deadlines you will not want to miss … otherwise, you may incur the wrath of the taxman
The most common tax scenario is that of individuals who are not self-employed. Individual tax returns, as well as any taxes owing, are due April 30th, 2020.
It should also be noted that your employer is required to give your T4 slip by the last day of February! So this still gives you lots of time to complete your return on time.
If you or your spouse/common-law partner is self-employed, you have a bit longer to submit your income tax return. The deadline to submit is June 15th, 2020. However, it should be noted that if you have any taxes owing, these are still due on April 30th, 2020.
The deadline to invest in a Registered Retirement Savings Plan (RRSP) is March 2nd, 2020. This is the final day you can continue to contribute to your RRSP and still have it reduce your 2019 taxes owing.
The Tax-Free Savings Account (TFSA) deadline of December 31, 2019, has already passed. However, there is technically no deadline for a TFSA as any unused contributions are carried forward to the next year so you can continue to invest until you reach your maximum contribution.
If you make instalment payments throughout the year to avoid a large bill at tax time, there are four due dates throughout the year. Whether you are self-employed or employed by someone else, you must submit your instalment payments by:
If you are the representative of a deceased person, you are in charge of ensuring their final tax return is submitted to the CRA. If the individual died between January 1st and October 31st of the tax year, the return is due April 30th, 2020. But if they died between November 1st and December 31st, the return is due six months after the date of their death.
It should also be noted that if the deceased person or his spouse/common-law partner is self-employed, the CRA extends the due date to June 15th, but any outstanding taxes are still due April 30th.
Corporate taxes are a whole different story and have different deadlines than personal taxes. For the most part, corporate tax returns are due 6 months after the corporation’s year-end. This is a more complex topic that will be looked into further in a future blog post.
If you have any questions or need further clarification about when something is due, don’t hesitate to contact Keenans Accounting Service at 705-526-7628 and we would be more then happy to assist you with your tax needs.