Tax Filing Deadlines
Welcome to your comprehensive guide to Canadian tax deadlines. This resource provides an overview of crucial tax dates for individuals, businesses, and corporations.
Please note that tax requirements may vary based on your unique financial situation, so consider this a starting point. For personalized assistance and tailored deadlines, explore our Monthly and Annual Accounting Subscriptions. With expert guidance, you can navigate tax season with confidence and ease.
Corporate Tax Filing Deadline Countdown
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ON if CRA charged you a late-filing penalty in one of the past 3 years.
If you leave “Unpaid tax” blank, we’ll estimate it at 12.22% of profit (revenue − expenses).
Edit if CRA updates the quarterly rate.
When ON, arrears interest is not applied.
CRA Payment Essentials
Personal Tax Instalments: If your net tax owing (after credits) is more than $3,000 in the current year and in either of the two preceding years, you must make quarterly instalment payments to avoid instalment interest. In Quebec, the federal threshold is $1,800. You are responsible for paying on time even if no reminder is received.
Corporate Tax Instalments: Corporations must make monthly instalments if total taxes payable after credits exceed $3,000 in either the current or previous year. Some CCPCs that meet CRA criteria may pay quarterly. Missing instalments results in instalment interest at the prescribed rate.
Save on Interest
Make required instalment payments by each due date to avoid instalment interest. For individuals these are March 15, June 15, September 15, and December 15. Corporations pay monthly or quarterly as required. Filing on time also prevents late filing penalties.
Late Filing Penalties
If you file late, the CRA charges 5% of unpaid tax as of the due date, plus 1% per full month late, up to 12 months. If you had a late filing penalty in any of the previous three years, the penalty increases to 10% plus 2% per month, up to 20 months.
Example: For a $25,000 balance filed 12 months late, the penalty is $1,250 (5%) + $3,000 (1% × 12) = $4,250. With a prior penalty in the last three years, it could be $2,500 (10%) + $6,000 (2% × 12) = $8,500.
Late Payment Interest
If you pay after the due date, the CRA charges compound daily interest at the prescribed rate on any unpaid balance. There is no fixed penalty for late payment alone, but interest continues until the balance is paid.
Example: At a 9% annual rate, a $25,000 balance paid 12 months late accrues roughly $2,250 in interest, slightly more due to daily compounding.
Inaccurate Reporting Penalties
If you knowingly, or through gross negligence, make a false statement or omission, the penalty is the greater of $100 or 50% of the understated tax and any related overstated credits.
Example: If understated tax is $10,000, the penalty could be $5,000.
Whose Responsibility is It?
The taxpayer is responsible for filing and paying taxes on time. Advisors can assist, yet the final responsibility remains with the individual or business owner.
Top 10 Best Practices
- Pay instalments on time to avoid interest.
- File on time to avoid penalties.
- Know the late filing impact, penalties grow quickly.
- Keep detailed records to simplify filing and reviews.
- Track credits and deductions to reduce tax owed.
- Use a qualified tax pro or software for complex cases.
- Keep your CRA account updated with current information.
- Plan year round for cash flow and instalments.
- Review returns carefully to catch errors early.
- Know your rights and obligations under the Taxpayer Bill of Rights.
Our Accounting Plans
Gain financial peace of mind with our Monthly and Annual Accounting Subscriptions. Plans are designed to keep you compliant, reduce interest and penalties, and give you proactive support on instalments, filing deadlines, and accurate reporting.
