Please note: There has been a change in the Tax Deadline for 2020.
Due to the Coronavirus (COVID-19) the tax deadline in Canada has now changed to June 1. In addition, the deadline to pay balances for your taxes is also extended to September 1 (Interest Free).
For more information contact us today on chat and or on email.
In Canada we have many tax deadlines that can seem very confusing at times. Usually for most years our personal tax deadline falls on April 30. However, some years we had some Canada Tax Deadline in May as well if April 30 falls on a weekend the CRA does push the deadline to the nearest business day at midnight.
In addition, it is known that business taxes are due June 15, however did you know that if you owed money on your business that your payment would be due April 30? As you can see it is not always so easy to determine your deadline.
Accufile will always keep you up to date and you can find this very important information with us. So in this article we will go over the most important Canada Tax Deadline of the year.
Filing deadline for Individuals in 2020
Now we are in 2020, the filing deadline for the 2019 tax year will be Thursday April 30. This is the deadline when all personal returns must be filed.
If you are self employed and you will be owing taxes on your business, the tax is due as well on April 30. Yes the business tax return itself is not due till June 15, but the CRA want their tax money on April 30.
If you have a personal return that is not owing money, always be reminded you will not be charged interest or any fines even if you file after the April 30th deadline.
Note: According to the CRA website, you can request an express notice of assessment if you file before April 30. Also note, that the earlier you file in the tax season the earlier you will receive your documents.
Self Employment deadline in 2020
As we noted above in our beginning paragraph, the self employment business tax will be due June 15 2020.
If you will be owing money for your business return, your deadline for payment will be April 30th 2020. Yes we know that this seems odd, but this is because the CRA requires their money to be paid on the proper deadline of April 30.
Retirement Savings Fund is a great way to save money on your taxes as well as save money in general. RRSP timeline for your tax return runs from Mar 2019 to Feb 2020. Yes that is correct, you are able to continue to contribute into RRSP’s all the way up to the end of February 2020 for your 2019 tax return. Therefore the RRSP deadline is the last day of February 2020.
Instalment payment for Canada Tax Deadline in 2020
If you are required to make installment payments for your return, your payments are due 4 times per year. These deadlines will fall on the 15th of March, June, September, and December.
It is very important that you make these installment payments on time as the CRA will charge a penalty if they are missed.
If you are not making as much on this tax year as you did the previous one and you will not owe, then the installment payments will not be due as you will not owe money. If this is the case it is best to contact the CRA to notify them of this change (link to my contact cra page)
Deadlines for deceased tax filers
If the individual has dies between Jan 1 and Oct 31 of the tax year, their final return will be due on April 30. A representative must submit their tax return by this date.
If the individual has passed away Nov 1 to Dec 31 in the tax year, then the tax deadline is 6 months after the date of death. For example, Dec 15 date of death, the taxes then would be due June 15.
Business Canada Tax Deadline for 2010
As we noted above these deadlines are for self employed individuals. If you owe money to the CRA your payment is due April 30, however your return is due June 15.
GST / HST Filing Deadline
GST / HST can have Annual, Quarterly, and Monthly filings. If you have an annual filing, the return is usually due 3 to 6 months after the final date. You can find this information on your GST / HST form at the top right. You may also contact the CRA in order to find out your deadline. (link here to my cra contact page)
If you are filing monthly or quarterly, the GST / HST deadline will be 30 days after the final date. This can also be found on your GST / HST form that they send to you.
Payroll deadlines for employers
There are many deadlines for employers when it comes to employees.
T4’s are due by the last day of February of the following tax year. This must be in on time, as the CRA can give you a penalty for being late. Make sure to file a T4 summary along with all your T4s.
In addition, the employee must also receive the T4 by the end of February. This is the law and it must be done on time. This allows the employee to make their Canada Tax Deadline as well as if they need RRSP as well. For more information see the Canada Revenue Agency.
Source deduction deadline
If you are filing source deductions for your payroll each month, note that your deadline will be the 15th of the following month. So if you are collecting payroll taxes from your employees in January, that means your payment to the CRA must be done by February 15.
Accufile is here to help
We offer free consulting for all clients that have filed with Accufile. Any deadlines or any questions you may have just send us an email or chat with us right on the website. We are here to offer as much as possible to help you file on time. Take advantage of our free assessment Tax Calculator.