HUB Accounting & Tax Services | (416) 877 - 1314
Important Dates to Remember:
December 31:
Last day to contribute to your own RRSP in the year you turn 71.
February:
Starting in February, you can request a printed copy of the General income tax and benefit package by calling CRA at 1-800-959-2221.
February 22:
First day to use NETFILE to electronically file your CRA tax return.
First day to use EFILE to electronically file your CRA tax return.
February 28:
Deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the tax filing year.
April 30:
Tax filing deadline for most individuals for personal income tax.
Balance owing payment to CRA is due for all personal income tax filers, including self-employed.
June 15:
CRA tax deadline for self-employed persons to file their personal income tax return. Any balance owing must be paid by April 30.
Late Filing Penalty:
5% + 1% per month on outstanding balances.
Repeated failure to file: 10% + 2% per month.
Interest: Computed at the prescribed rate from the due date to the day payment is received by CRA.
Tax Returns for Sole Proprietorships, Partnerships, and Limited Partnerships:
Due Date: June 15th of every year.
Balance Owing: Due on or before April 30th of every year.
Late Filing Penalty:
5% + 1% per month on outstanding balances.
Repeated failure to file: 10% + 2% per month.
Interest: Computed at the prescribed rate from the due date to the day payment is received by CRA.
Due Date: 6 months after year-end.
Balance Owing:
Due 3 months after year-end for CCPC.
Due 2 months after year-end for other companies.
Late Filing Penalty:
5% + 1% per month on outstanding balances.
Repeated failure to file: 10% + 2% per month.
Interest: Computed at the prescribed rate from the due date to the day payment is received by CRA.
T4 Payroll Summary:
Due Date: February 28th of every year.
Monthly Remittances: Due on the 15th of every month.
Penalties:
Late filing and late payments attract penalties on outstanding balances.
Interest: Computed at the prescribed rate from the due date to the day payment is received by CRA.
Note: When a due date falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, your payment is on time if it is received on the next business day.