As the year rolls on, you might find yourself asking, “Is it already time for taxes?” Well, for Canadians, the answer is yes! With the 2024 tax season fast approaching, it’s important to stay on top of key deadlines to ensure your taxes are filed and paid on time. To help you navigate this busy season, H&R Block has put together a comprehensive list of important dates you need to remember. Mark your calendars to avoid penalties and make tax season a little less stressful.
Table of Contents
February 24 – Start of Online Tax Filing
The 2024 tax season kicks off on February 24, the first day the federal government begins accepting electronic income tax returns. This date also marks the launch of the CRA’s free online tax filing software, NETFILE and ReFILE, which Canadians can use to file their returns directly with the Canada Revenue Agency. For those who prefer to have a professional handle their taxes, the EFILE web service will also be open, allowing tax service providers like H&R Block or TurboTax to start submitting returns.
February 28 – Employer Document Deadline
By the end of February, all employers must provide employees with necessary tax documents, including T4s and other relevant forms. Failure to do so could result in penalties for the employer. This deadline applies even to former employees from the previous year, so don’t let any missed paperwork catch you off guard.
March 3 – RRSP Contribution Deadline
If you haven’t yet contributed to your RRSP for the 2024 tax year, time is running out. Canadians have until March 3 to make their RRSP contributions in order to reduce their taxable income for the 2024 tax year. The amount you can contribute is based on your previous year’s income, with a maximum of 18% of your income or $31,560 (whichever is less). Remember, unused contribution room carries over, so be sure to maximize your RRSP before the deadline to get the best possible tax deduction.
April 30 – Individual Tax Return Filing Deadline
The deadline to file individual tax returns is April 30. This is the last day you can file your taxes without incurring penalties. Any outstanding balance due to the Canada Revenue Agency after April 30 will start accruing daily compound interest. On top of that, if you miss the deadline, the CRA will charge a late-filing penalty of 5% of your 2024 balance owing, with an additional 1% penalty for each full month that the return is filed late (up to a maximum of 12 months).
June 15 – Self-Employed Tax Return Filing Deadline
For self-employed individuals, the filing deadline is later than for regular employees, with June 15 being the last day to file. However, just like individual tax returns, the CRA will start charging daily compound interest on any outstanding balance starting May 1, the day after the balance is due. Even if you’re self-employed, it’s best to get your filing done ahead of time to avoid unnecessary interest charges.
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Conclusion
These tax deadlines are crucial to ensure you file and pay on time, avoiding costly penalties and interest. Mark your calendars and get your documents in order early so you’re prepared when the time comes. Whether you’re filing on your own or with the help of a tax professional, staying ahead of these dates will help make this tax season a smooth and stress-free experience.
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