Don’t Miss the Tax Deadline in Canada: What You Need to Know & Why You Should File Now

🕒 Don’t Miss the Tax Deadline in Canada: What You Need to Know & Why You Should File Now

It’s that time of year again—tax season! Whether you're expecting a refund or think you might owe, staying on top of your taxes is essential. Missing the tax filing deadline in Canada can cost you more than just stress. Here’s everything you need to know, why it matters, and how to avoid penalties.

📅 What’s the 2024 Tax Deadline in Canada?

For most Canadians, the personal income tax filing deadline is April 30, 2025. If you're self-employed, you have until June 15, 2025, but any taxes owing are still due by April 30 to avoid interest charges.

⚠️ What Happens If You File Late?

If you owe taxes and miss the deadline, the Canada Revenue Agency (CRA) will apply:

• Late-filing penalty: 5% of your balance owing, plus 1% for each month your return is late (up to 12 months).

• Interest on unpaid taxes: CRA charges daily interest on your unpaid balance starting May 1.

📌 Important: If you’re owed a refund, there’s no penalty for filing late, but you’ll delay getting your money—and you could miss out on benefits and credits.

💸 Why It Pays to File Your Taxes (Even If You Don’t Owe)

Even if you earned little or no income, or don’t owe anything, filing your taxes can unlock valuable benefits, such as:

• GST/HST Credit

• Canada Child Benefit (CCB)

• Climate Action Incentive

• Provincial tax credits

• RRSP contribution room

• Student loan interest credits

Filing keeps you eligible for these programs and ensures uninterrupted payments.

📝 What You Need to File

To file, gather:

• All T-slips (T4, T5, T4E, etc.)

• RRSP contributions

• Receipts for medical, tuition, childcare, or donations

• Self-employment or rental income details

• Your CRA My Account access (if filing online)

Need help? A tax professional can ensure accuracy and claim every credit you're entitled to.

✅ Take Action Now

The earlier you file, the better! Filing early can:

• Give you faster refunds

• Avoid last-minute stress

• Provide time to pay if you owe

• Ensure benefit payments are not delayed

Don’t wait until April 30 is around the corner—get ahead of the deadline and avoid unnecessary penalties.

💼 Need Help Filing?

At Tiki Tax Services, we make tax time stress-free. Whether you’re employed, self-employed, a student, or retired—we’ve got your back. Let’s make sure you get every dollar you deserve and avoid costly mistakes.

📞 Book your tax appointment today at www.tikitax.net or call us at 236.788.7799