Important Tax Deadlines For The 2024 Tax Year

If there’s one key takeaway from this post it’s that Canada Revenue Agency (CRA) charges interest on taxes payable from April 30 – even if you aren’t required to file your taxes before this date. So, it’s best to file before this date just in case you owe anything if you want to keep costs down and avoid interest and penalties for late payment.  

Key Takeaways 

• Canada’s tax filing season opened on February 24, 2025.  

• Personal taxes are due on April 30, 2025. This is also the filing due date for many taxpayers.  

• If you or your partner are self-employed, you have until June 15, 2025 (or June 16, since the 15th is a Sunday this year) to file your taxes. But you still need to pay by April 30, 2025 to avoid interest if you owe taxes.  

• We’ve partnered with TurboTax for the 2025 tax filing season. Get 20% off on TurboTax packages using our partner link.  

Understanding Canada’s Tax Year 

Canada’s tax season follows a calendar year, so it runs from January 1 to December 31 each year. This means that the taxes you pay each year are based on the income you earn during that calendar year.  

However, things do get a little confusing when it comes to deductions. Some of your deductions in the following calendar year can ‘count’ towards the previous calendar year. For example, any contributions you make to your RRSP until March 1, 2025 can count towards your RRSP contributions in 2024, and this year, you’re able to donate to charitable organisations through to February 28, 2025 and deduct those donations in the 2024 tax year.  

• Learn more about how RRSPs work in our detailed guide.  

Why Is It Important To File Taxes on Time in Canada?  

Filing your taxes on time in Canada helps you avoid penalties and interest charges from the Canada Revenue Agency (CRA). Late filing can cost you extra money and may delay important benefit payments, such as the Canada Child Benefit or GST/HST credits. It also keeps your tax records up to date, which makes it easier to prove your income and eligibility for certain programs. 

When you file on time, you show the government that you are meeting your legal obligations as a taxpayer. This helps build a positive record for future applications, including if you want to get a mortgage in Canada. Plus, staying on top of your taxes reduces stress and helps prevent financial surprises down the road. 

Fun fact – you actually need to have your taxes filed and up-to-date to become a Canadian citizen. So, there’s another reason to get those taxes filed on time.  

Are There Benefits For Filing Early?  

While you don’t get a discount or any prizes for filing early, there are a range of benefits including: 

1. You can receive your refund earlier. The CRA paid out $52 billion in benefit payments in the 2023 tax filing season and issued more than $19 million in refunds. That averages out to $2,294 per tax filer. So this four-figure sum could be waiting for you once you file.  
2. If you end up owing taxes, you have a little longer to save up to pay them.  
3. If you find that you’re missing documents, you have more time to track them down in time for the filing deadline. This helps you to avoid that painful last minute scramble.  

Understanding Tax Deductions 

We discussed how the deadlines for certain tax deductions for 2024 extend into 2025.  

We discuss, in detail, how tax deductions work in our dedicated post. But, briefly, tax deductions can be used to reduce your taxable income or as a direct credit that reduces your taxes owing, depending on the type of deduction.  

One of the most well-known deductions is the RRSP, which reduces your taxable income for the tax year. Here’s an example of how it works:

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Taxes can be complicated, and non-compliance comes with serious risks and potentially high costs. 

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