Newbie in Canada? Check out the most important dates in the Canadian tax year.
Hello Canadian Tax Year! If you’re not living under a rock, then you might have heard that we’re smack bang in the middle of filing season here in Canada. Unlike some other countries such as the UK, and Ireland, it’s mandatory to file a tax return in Canada if any of the following applies to you:
- You paid tax in Canada
- You want to receive a tax refund
It’s that simple.
The tax year in Canada runs from January 1st to December 31st, which might confuse our Australian and Kiwi friends.
If you worked in Canada in the last tax year, you will receive a document called a T4 from your employer. This is a summary of the income you earned and taxes you paid for that specific job. If you worked more than 1 job, you will receive a T4 for each job you worked. Employers should send you your T4 before February 28th each year.
Learn more about the T4 here
You should file your tax return before April 30th. If you’re due a refund and do not file before April 30th, it’s not a huge deal (but why not collect the $$ due to you!?) But if you owe money to the Canadian tax office and do not file and pay this before April 30th, there will be interest and penalties applied for each month the payment is late.
If you’re self employed, you have until June 15th to file your tax return.
When the due date falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, we consider your payment to be paid on time and your return to be filed on time if we receive it or if it is postmarked on the next business day.
- What does my T4 mean?
- How to determine my residency status?
- Earning income outside of Canada in the tax year