With the end of the Financial Year getting closer and closer, we elaborated a recap of when are your taxes due so you don’t miss any deadline!

Different dates apply for each category

Personal Taxes – In Canada, the deadline to file your personal tax return is April 30 of each year.  In 2023, April 30, 2023 falls on a Sunday – when a due Sunday, your return is considered on time if the CRA receives it, or if it is postmarked, on or before the next business day. 

Any amounts owing are due with your taxes on April 30.

Self-Employed Persons  – the deadline for individuals with self-employment income is June 15.   Returns for your spouse can also be filed on June 15 without late filing penalties to allow the correct calculation of family benefits. The wrinkle here is that all taxes due have to be paid by April 30.  

We advise our clients to make their quarterly installment payments and adjust their April 30 payment according to their estimated performance.  

Late filing strategy – if for some reason you can’t make the filing deadline, be sure to make a payment on April 30 to stop interest and penalties.  Late filing penalties are assessed as a percentage of amounts owing – by paying an estimate you nullify the amount owing.  

Corporations – T2 Corporate Income Tax Returns are due 6 months following the corporate year end date of the corporations.  For example, a corporation with a due date of December 30, 2022 would have a filing deadline of June 30, 2023.   A corporation with a year end of July 31, 2022 would have a filing deadline of January 31, 2023. 

Generally, corporations have to pay their taxes by installments with the final payment due two or three months after the fiscal year end. 

HST returns for self-employed persons are normally due Jun 15, 2023,  however your payment deadline is April 30, 2023.  

For individuals and corporations with a non-Dec 31 year-end, your return is due 3 months after your fiscal year-end date.  

A word on installments

You may have to pay installment payments if your taxes owing in the prior year were more than $3,000 or if you expect your tax liability to be at least that high.  If you are advised by CRA that installments are required and believe you will not have a tax liability, we can lower the installments to match your estimated tax.  

When installments are required and not made,  CRA will assess interest on the missing interest payments.  

If you are interested in a conversation to understand the deadline for filing and payments. Contact us a here!