Tax Deadlines
By PAIP Canada staff
For the large majority of Canadians, the tax filing deadline is April 30th of each year unless the day falls on a weekend. If that happens, then the deadline is extended by a day or two. For those who are self-employed, or have a spouse who is self-employed, then the deadline to file their personal taxes is June 15th, but that doesn’t change the due date for all Canadians to pay their taxes for the previous calendar year. That date is April 30th, for both self-employed individuals and those who are not self-employed.
For professionals in the financial industry, the deadlines go far beyond the filing deadlines. Depending on the tax slip, there are different tax deadlines that apply. As an example, February 28th is the deadline for employers to mail out the T4 tax slip which confirms one’s earnings for the previous calendar year, as well as other important information (such as withholding tax, Canada/Quebec pension plan contributions, union dues (if applicable), and a number of other things). T4RSP and T4RIF tax slips share the same deadline. The same deadline applies to T5 slips which are used to report investment income such as interest and dividends.
T3 slips which are issued by trusts such as mutual funds (which provide a breakdown of investment income such as dividends, capital gains, and other income) must be mailed no later than March 31st, while the trading summary (for non-registered accounts) is required to be mailed by the end of February. The form is the T5008.
With so many deadlines, the bottom line for individual Canadians is clear: collect your tax slips so you can file your taxes on time. Every year Canadians are required to file a tax return. With a certainty that this is yet again “right around the corner”, why not be prepared?