Tax Filing Deadlines for 2025: What You Need to Know
Filing annual tax returns is a key obligation for every taxpayer in Canada’s self-reporting tax system. It is important to understand the precise deadlines that apply to your circumstances, as the Canada Revenue Agency may apply penalties and charge interest on taxpayers who file their returns late. We have compiled a list of deadlines to help you determine which apply to you and what to do if you miss one.
Individual Tax Return Deadline
For individual taxpayers the deadline to file their 2024 T1 tax return is April 30, 2025. Failure to file by this date can result in the CRA applying late filing penalties. Additionally, any taxes owing for 2024 that are not paid by April 30, 2025, will begin to accrue interest charges, compounded daily.
Filing Deadlines for Individuals with Self-Employed or Business Income
For individuals reporting self employment or business income from non-incorporated business on their 2024 tax return, the deadline to file is June 16, 2025. This extended deadline also applies to the spouse or common-law partner of an individual with this income. However, the payment for taxes owing on the 2024 tax year must be made by April 30, 2025, and any outstanding balance on May 1 is subject to interest.
Filing Deadline for Corporations
For corporate taxpayers, the deadline to file their T2 return for 2024 is six months after the end of the corporation’s fiscal year.
Returns Reporting Capital Gains in 2024
Due to recent developments regarding the change to the capital gains inclusion rate, the CRA has stated that relief from penalties and interest will be automatically granted for individuals affected by these changes . This does not extend the above listed filing deadlines, but where a 2024 T1 or T3 return including capital gains is filed before June 2, 2025 the CRA will waive any late-filing penalties and interest that would have ordinarily applied. For returns filed after June 2, 2025, the interest charged will be charged and include the period dating back to May 1, 2025.
What to Do if You Miss the Deadline
It is important to meet your tax filing obligations, even if the date for filing has passed. While the CRA may charge interest and penalties as a result of the late filing, there are ways to address these additional costs.
In addition to the automatic waiving of penalties and interest for taxpayers affected by the Capital Gains inclusion changes, taxpayers can apply for relief from interest and penalties from the past ten calendar years. Where interest and penalties have not yet been assessed, the CRA’s Voluntary Disclosure Program may also be appropriate avenue for taxpayers who meet the eligibility requirements.
If you need help preparing your 2024 tax filing or are seeking assistance dealing with CRA penalties and interest, contact us to arrange for a consultation.
***Disclaimer: This article provides information of a general nature only. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in this article. If you have specific legal questions, you should consult a lawyer.
Brett Jenkins
