Last updated: Jan. 25, 2024
Take note of the tax filing and payment deadlines for 2024 (2023 tax year) so you don’t end up paying interest or penalties on late filing or payments.
Individual tax deadlines
Individual tax returns are due April 30, 2024.
If you or your spouse or common-law partner carried on a business in 2023 as a sole-proprietor/self-employed, your return for 2023 has to be filed by June 17, 2024.
If you have an amount owing it must be paid by the May 1st deadline to avoid interest.
Why do I need to file on time?
If you file after the due date, you’re considered a late filer and you could be charged a penalty.
Now, you might be thinking: what if I don’t owe the CRA any money? Do I still have to file on time?
Think about this: after tax season, what if the CRA finds an extra slip you forgot to include in your tax return? Suddenly you owe money.
Since you filed late, you would be charged a late-filing penalty on top of the new balance. It’s good practice to always file your taxes on time.
Even if you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.
- Individuals: File and pay your 2023 taxes by April 30th, 2024
- Self-employed and spouses: Pay your 2023 taxes by April 30, 2024 (to avoid interest) and file by June 17th, 2024 (to avoid both interest and penalties)
What if my business is incorporated?
Annual returns are due 6 months after the corporation’s fiscal year-end.
If your business is incorporated and has a balance that it still needs to pay, you have until 2 months after the end of your fiscal tax year to pay it off (2 months after year-end).
There are some exceptions to this rule. Canadian-controlled private corporations with annual business income less than $500,000 may have up to 3 months rather than 2 if they meet the eligibility criteria.
How much will I be penalized if I file my small business tax return late?
What are the penalties for false statements and/or omissions?
What happens if I have repeatedly failed to report my income?
Free Download: Small Business Tax Strategies: A Complete Owner’s Manual
Many small business owners wait until spring to start thinking about their taxes, but this simple act of waiting could cost them thousands.
Now is the best time to start thinking about your taxes. It allows you to get organized and assess what actions you can take before the end of the tax year to lower your future business or corporate income taxes.
Consider this toolkit your roadmap to help you get organized, reduce your tax burden, and keep more money in your pocket.