Introduction
Canada’s personal income tax deadline is the same as the filing deadline, meaning you must file your return before midnight on April 30. The due date for corporation taxes is also April 30. The Canada Revenue Agency (CRA) is a government agency responsible for tax collection in Canada. This article provides information on the deadline for filing and paying personal income tax returns in Canada.
Tax Filing Deadline and Payment of Taxes in Canada The CRA has set the deadline for filing personal income tax returns as April 30. You may face penalties and interest charges if you have yet to file your return by midnight on April 30. For example, if you file after April 30 but before June 15, a penalty of 1% per month will be applied to any balance owed.
Canadian residents are required to file a tax return each year if the GST/HST credit they receive is more than what they owe.
The Canada Revenue Agency (CRA) requires all Canadian residents to file a tax return yearly. If you are required to pay income taxes and still need to, the CRA will issue a notice of assessment for any outstanding amounts. The CRA can assess interest on these amounts at 1% per month.
If you owe less than $2,000 in taxes for the entire year and your GST/HST credit is more than what you owe, completing a return could result in money back from the government instead of paying them.
For example, if your household net income is $35,000 and this falls below their basic personal amount of $11,635, then they will receive up to $1,900 back through their tax refund or GST/HST credit payment if eligible; however, those who earn more may still get some money back even though they exceed the basic personal amount threshold.
Canadian residents must file an income tax return every year.
Residents of Canada have an obligation to file an income tax return annually. You must file a tax return if you’re a resident of Canada and:
- Receive the GST/HST credit or any provincial credits, such as the Ontario Trillium Benefit, that are more than your income tax liability for the year
- Are self-employed and earned over $3,000 (including CPP contributions) from your business during the fiscal period
If you are a non-resident of the country of Canada, you are not required to file a Canadian income tax return. However, you may want to claim certain federal deductions on your U.S. return (such as charitable donations). In that case, filing Form T1116 Foreign Income Verification Statement with your U.S. taxes may be beneficial instead of simply attaching it to your Canadian returns each year.
If you aren’t a citizen of the United States and your only source of income is from Canada, you are exempt from filing a U.S. tax return. This includes if you have a green card or another visa, allowing you to reside in the U.S. for greater than six months per year (but not as a resident).
Conclusion
The tax return filing deadline in Canada is April 30 every year. This means you must file your tax return by April 30 and make your payments before that date. The post gives an overview of what is considered a personal tax return. How much do you pay based on the income earned in the year?
