Deadlines. They have a way of sneaking up on us, don’t they? While it’s natural to feel a little anxious as they approach, the more you know about key deadlines, the better prepared you’ll be. With a clear understanding of what’s due and when, you can avoid unnecessary stress — and costly penalties. Here’s your ultimate checklist of CRA deadlines to help you stay on track.
Personal tax (T1) return
- Payment: April 30
- Filing: April 30
For most individuals, these are the key dates to remember. Make sure your payments are submitted and your return is filed by April 30 to avoid interest or penalties.
Personal taxes with business or farm income (T1 return)
- Payment: April 30
- Filing: June 15
If you’re self-employed or earn income from a farm, you have until June 15 to file your return. However, any balance owed must still be paid by April 30.
Business or farm GST (unincorporated)
- Payment: April 30
- Filing: June 15
Plan ahead to meet these deadlines and avoid any penalties or interest charges.
RRSP contributions
- Deadline: March 1
Maximizing your RRSP contributions can lower your taxable income and help you save for retirement. Mark this date in your calendar!
Corporate income tax (federal and provincial)
- Payment: 3 months after the corporate year-end
- Filing: 6 months after the corporate year-end
Corporations should pay attention to these timelines to avoid penalties on unpaid taxes.
Corporate GST (annual and quarterly filers)
- Annual payment and filing: 3 months after year-end
- Quarterly payment and filing: 1 month after the quarter-end
Timely GST submissions are critical to maintaining your business’s compliance.
Payroll remittances
- Deadline: 15th of the month following payroll
If you pay yourself or employees, ensure your payroll remittances are submitted promptly. For year-end bonuses, the remittance for at least the CPP portion is due 15 days after your corporation’s year-end.
T4, T5 and T5018 slips
- Filing deadline: February 28
- Penalties: $10/day, minimum $100, up to a maximum of $1,000
These slips must be filed on time to avoid costly penalties and ensure your employees, contractors or shareholders receive accurate records.
Final returns for deceased individuals
- Payment and filing:
- April 30, if the death occurred between January 1 and October 31
- 6 months after the date of death, if the death occurred between November 1 and December 31
If the deceased owned a business, the filing deadline is June 15.
Trust (T3) returns and slips
- Payment and filing: 90 days after year-end
This applies to Estate (Testamentary) and Family (Inter Vivos) Trusts. If it’s the final trust return, ensure everything is submitted within 90 days of the trust’s wind-up.
Instalments
Check your instalment schedule on your tax return or CRA correspondence. Instalments are typically quarterly but can be monthly for corporations. Missing these payments can lead to penalties and interest charges.
WCB return
- Filing deadline: February 28
Employers must report worker earnings annually to calculate WCB premiums. Late filings can result in coverage issues.
Corporate annual return
Every year, on the anniversary of your incorporation, you must file your Corporate Annual Return through Alberta Registries. Failing to file for 30 months may result in your corporation being dissolved.
When deadlines fall on weekends or holidays
If a deadline falls on a weekend or public holiday, the CRA considers it on time if received on the next open business day. If you’re mailing a payment, ensure it arrives by the deadline to avoid penalties.
The costs of missing deadlines
- Canada child benefit: Filing late could disrupt your payments.
- Sale of principal residence: Since 2016, you must declare sales on your return. Late filings may incur penalties of $100/month, up to $8,000.
- Penalties and interest: These can add up quickly, with penalties starting at 5% of your balance owing and compounding daily interest at 5% per year.
How we can help
Deadlines can feel overwhelming, especially for small business owners juggling multiple responsibilities. That’s where we come in. Our team of CPAs can help you stay organized, proactive and penalty-free. We leverage the latest technology to ensure you’re always on schedule, whether it’s payroll, bookkeeping or tax services.
Let’s make deadlines stress-free! From deductions and GST to year-end filing, we’re here to keep you accountable and compliant. Contact us today to learn how we can help your small business succeed.
Read more about Corporate Tax topics that may be helpful to you and your small business.
Like what you hear?
Are you on the hunt for a more proactive small business accountant? That’s us.
