Key Financial Dates and Deadlines in Canada (2024)

Taxes are by nature stress-inducing and will quickly drain off the holiday spirit if you're caught unprepared. One way to not get overwhelmed is through careful planning and getting ahead of your tax obligations.

This article will attempt to cover all the vital dates and deadlines that will keep you informed and help you enjoy a stress-free tax season in 2024.

Upcoming Income Tax Deadlines

The deadlines for filing Income tax are as follows:

Personal Income Tax Filing Deadline

For most Canadians, the deadline to file their personal income tax returns is April 30th.

Self-Employed Individuals and Their Spouses/Common-law Partners

While the general deadline remains April 30th, self-employed individuals and their spouses or common-law partners have until June 17th (since June 15th falls on a Saturday) to file their returns.

Corporate Income Tax Filing Deadline

Businesses in Canada typically have six months after their fiscal year-end to file their corporate income tax returns. For example, if a company's fiscal year ends on December 31st, the filing deadline would be June 30th.

RRSP Contribution Deadline

The Registered Retirement Savings Plan (RRSP) allows you and a spouse or common-law partner to contribute to a tax-exempt retirement savings plan. Your funds are tax-exempt as long as they remain in the plan.

Contributions made up to the deadline can be claimed as deductions on the previous year's tax return, potentially reducing your taxable income.

For the 2023 tax year, the deadline for contribution to an RRSP is February 29th, 2024.

Sales Tax Deadlines

Self-employed individuals who own or operate a business in Canada have to regularly file their Goods and services tax (GST) and Harmonized sales tax (HST). They are taxes you pay on goods and services sold or provided in Canada, with the HST being a blend of the GST and provincial sales tax for New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island.

A GST/HST return form will specify a due date at the top of the form. The deadline for filing and payment of the GST/HST is one month after the end of the reporting period.

Quarterly Tax Instalment

Individuals who opt to pay their tax in quarterly instalments must clear each instalment by the following dates: March 15th, June 15th, September 15th, and December 15th.

Penalties for not filing your taxes on time

Things can quickly get ugly if you fall behind on your tax payments. The CRA charges a late-filing penalty of 5% of the previous year's balance owed and an additional 1% for each month you file after the due date - to a maximum of 12 months.

Government benefits

Now that we have taxes out of the way, Canada also offers certain benefits meant to alleviate the living situation of those in less-than-ideal circumstances. We'll look into some of the most popular ones and when you can expect to receive payment.

The official dates for the payment of all government benefits can be found at the Canadian government's official site.

GST/HST credit payment dates

The GST/HST credit is a tax-free quarterly payment for low-income individuals and families. The benefit is intended to offset their tax burden. Its total sum is determined by factors including your adjusted family net income and the number of children under 19 you have registered for the Canada child benefit and GST/ HST credit.

The CRA usually dispenses these credit payments on:

• July 5th, 2024
• October 5th, 2024
• January 5th, 2025
• April 5th, 2025

Canada worker's benefit (CWB) payment dates

The Canada Workers Benefit is a refundable Tax credit for working individuals and families who earn below the net income level of the province, are Canadian residents throughout the year, and are 19 years or older. The benefit has a basic amount and a disability supplement.

The CWB will be delivered in three advance payments on:

• January 12th, 2024
• July 12th, 2024
• October 11th, 2024

Canada Child Benefit Payment dates

The Canada Child Benefit is a tax-free monthly payment made to eligible families to help with the cost of raising children under the age of 18. The official dates for the payment dates of the CCB are:

• January 19th, 2024
• February 20th, 2024
• March 20th, 2024
• April 19th, 2024
• May 17th, 2024
• June 20th, 2024
• July 19th, 2024
• August 20th, 2024
• September 20th, 2024
• October 18th, 2024
• November 20th, 2024
• December 13th, 2024

Canadian Pension Plan

The CPP retirement pension is a monthly taxable benefit that replaces part of your income upon retirement. The pension amount is based on your average earnings and contributions to the CPP throughout your working life.

The payment dates under the CPP for the year 2024 are as follows:

• January 29th, 2024
• February 27th, 2024
• March 26th, 2024
• April 26th, 2024
• May 29th, 2024
• June 26th, 2024
• July 29th, 2024
• August 28th, 2024
• September 25th, 2024
• October 29th, 2024
• November 27th, 2024
• December 20th, 2024

Conclusion

Staying on top of key financial dates and deadlines is crucial to effectively manage your finances and avoid unnecessary penalties. Whether filing income tax returns, contributing to retirement savings accounts, or meeting business obligations, being aware and on time will help keep those stress levels in check when the new tax season rolls around.