Whether you’re filing personal or corporate income taxes, the front half of the year is chalk-full of deadlines that you need to be aware of. Overlooking important dates can lead to significant financial penalties so you want to make sure you’re doing everything you can to avoid spending money where you don’t have to.
That’s why we’ve put together this handy cheat sheet – so that you can prepare for what’s coming up and plan appropriately to ensure you hit your deadlines every time.
For Individuals
March 1st
- This is the deadline for contributing to an RRSP (Registered Retirement Savings Plan), PRPP (Pooled Registered Saving Plan), or an SPP (Specified Pension Plan) for the 2022 tax year. It’s important to note that December 31 of the year you turn 71 years old is the last day you qualify to contribute to your own RRSP. You can find your RRSP deduction limit on your latest NOA (notice of assessment) or NOR (notice of reassessment) from the CRA.
May 1st
- Personal income tax returns are due. This deadline may be pushed back if an individual or spouse has died during the year.
- If you owe money on your income taxes, you must also make your payment by this date.
For Self Employed Individuals / Sole Proprietorships
March 15th
- Tax installments and CPP contributions are due.
May 1st
- You must pay any taxes you have owing by this date if your business’s fiscal year end matches the calendar year end. If your business has a different fiscal year end, then your returns are due six months following its end.
June 15th
- This is the last day to file your personal income tax return with self-employment income. This date may fluctuate if an individual or spouse has passed during the year.
- Tax installments and CPP contributions are due.
September 15th
- Tax installments and CPP contributions are due.
December 15th
- Tax installments and CPP contributions are due.
For Corporations
15th of Every Month
- CPP contributions, EI premiums and payroll deductions from employee wages need to be sent to the CRA.
February 28th
- The T4 and T4A slips need to be filed and should be distributed to your employees.
Income tax returns (T2’s)
- This must be completed within the six-month period following the corporation’s year end. However, the income tax payable needs to be paid within two months following your company’s tax year-end.
Monthly income tax installments
- These payments will be due by the last day of every month.
Quarterly income tax installments
- Your payments must be received by the last day of each fiscal quarter.
GST returns
This will depend on the reporting period you signed up for, ranging from monthly, to quarterly, to annually. If you’re unsure of your reporting period, it can be found at the top of your personalized GST return form. For more information about your GST deadlines, visit the CRA’s website.
For Partnerships
March 31st
- If all partners are still considered to be individuals, all partnership information must be returned by this date. However, if all partners are corporations, the return of partnership information is due 5 months following the end of the partnership’s fiscal period.
For Trusts
T3 return (also known as Form T3 RET, T3 Trust Income Tax and Information Return)
- Your filing due date is 90 days following the trust’s tax year end. This includes having your T3 slips, NR4 slips, and T3 and NR4 summaries submitted. You must also pay any balance owing during this 90-day period.
Have Questions about Your Tax Deadlines? Reach Out!
There are many important dates to keep in mind as you continue to move through 2023. Whether you’re a little unsure of what deadlines apply to you, or you need a certified professional to take a look at your paperwork to make sure it’s filled out and filed correctly, we would love to offer you our assistance!
We thrive on helping our clients navigate the tax season so please feel free to connect with us with any questions you may have.
