Tax Deadline

As tax season fast approaches, it is important to keep in mind how much time we have so hopefully we’re not scrambling for that list of prescription medicine expenses or those donation receipts. Here are some of the most common tax deadlines:

Individuals:

Tax return (T1) filing deadline is April 30

If the taxpayer or their spouse carried on a business, the filing deadline is June 15
The deadline to pay the balance owed is April 30

Corporations:

Tax return (T2) filing deadline is six months after year end
The balance deadline is two months after year end (three months for certain Canadian controlled private corporations)

Trusts:

Tax return (T3) must be filed no later than 90 days after year end
Balance owing must be paid no later than 90 days after year end

Terminal tax return:

Tax return must be filed the later of April 30 after the date of death and six months after death.
If taxpayer carried on a business, return must be filed the later of June 15 after the date of death and six months after the death.
If death was between January 1-October 31, balance must be paid April 30 of the following year. If between November 1-December 31, due date is six months after death.

RRSP Contributions:

60 days after year end or March 1
Installments:
March 15, June 15, September 15, December 15

Notice of Reassessment:

If reassessed, you have 90 days to appeal with a notice of objection
This list includes many important dates to keep in mind, especially as tax season creeps closer and closer. Of course by having all of one’s receipts, papers, forms etc. together the earlier the better, much stress can be saved later on when the deadline is at our doorstep.

By Daniel Zunenshine

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