2024 T1 Tax Deadline Day - April 30, 2025

As we enter April there is something other than April Fools Day and the Easter long weekend that we need to look forward to. Tax deadline day!!! April 30 needs to be marked in the calendar of every individual taxpayer, whether you were a full-time employee, part-time employee, received government benefits or just sat on the couch all year doing nothing. A tax return is absolutely essential. A late filing penalty of 5% plus 1% for every full month you are late in submitting the return (up to a maximum of 12 months) will be applicable, and if this is not the first time you have missed the deadline, the penalties are double. Furthermore, arrears interest of varying interest rates - provided quarterly will also be charged for any unpaid amounts starting May 1 (this rate can change every 3 months; see prescribed interest rates). If you have business income, the tax deadline is extended to June 30.