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Interest rates, on overdue taxes, went down from 10% last year to 8% in the first quarter of 2025. It\u2019s important to keep track of rates and file within deadlines to avoid interest. See links below for current rates for both Revenue Canada (CRA) and Revenue Quebec (RQ):<\/em><\/strong><\/p>\n<\/li>\n<\/ul>\n GST\/HST returns for 2024 must be filed by June 16th, 2025 for those who are required to file annually. This would normally be June 15th, however since this falls on a Sunday, the deadline is pushed to June 16th which is a Monday. <\/p>\n<\/li>\n GST\/HST payments for 2024 are due by April 30th, 2025 If payment is not made, Revenue Canada (CRA) will start charging interest, starting May 1st, on balances due. <\/p>\n<\/li>\n QST (TVQ) returns for 2024 are due by \u00a0June 16th, 2025 for those who are required to file annually. This would normally be June 15th, however since this falls on a Sunday, the deadline is pushed to June 16th which is a Monday. <\/p>\n<\/li>\n QST(TVQ payments for 2024 are due by April 30th, 2025.\u00a0 If payment is not made, Revenue Quebec (RQ) will start charging interest starting May 1st.\u00a0\u00a0 Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST.<\/p>\n<\/li>\n GST\/HST Instalments for 2025 must be paid on a quarterly basis for those whose net GST\/HST payable was higher than $3,000 in the previous year. \u00a0GST\/HST Instalments are due on April 30th, 2025, July 31st, 2025, October 31, 2025 and January 31st, 2026.\u00a0 If instalments are not paid, CRA will charge interest starting on the due date of the instalment.<\/p>\n<\/li>\n QST(TVQ) Instalments for 2025 must be paid on a quarterly basis for those whose net QST payable was higher than $3,000 in the previous year. \u00a0QST Instalments are due on April 30th, 2025, July 31st, 2025, October 31, 2025 and January 31st, 2026. If instalments are not paid RQ will charge interest starting on the due date of the instalment.<\/p>\n<\/li>\n See my post on Late filing penalties for GST\/HST and QST<\/a>.<\/p>\n<\/li>\n It should be noted that penalties and interest on overdue balances are not tax deductible expenses.<\/em><\/p>\n<\/li>\n<\/ul>\n Ensure that you at least file your tax returns by the due date even if you are unable to pay the balance due. This will help you to avoid penalties for late filing, which are based on the balance payable<\/em><\/strong>.<\/p>\n Income tax returns for individuals (those who do not have unincorporated businesses or are self employed) for the calendar year 2024 (January to December 2024) must be filed and paid by April 30, 2025\u00a0 If tax returns are not filed on time, penalties will be charged.\u00a0 If tax returns are filed on time, but the balance due is not paid, only interest applies. <\/p>\n<\/li>\n Income tax returns for small businesses, self employed sole proprietors and partnerships i.e. any unincorporated business that include the T2125<\/a> in their returns have until June 16th, 2025.\u00a0 This also includes spouses of unincorporated business owners even if the spouses don\u2019t have self employed income<\/em>. If tax returns are not filed by June 16th, \u00a0penalties will apply.\u00a0 <\/p>\n<\/li>\n Although income tax returns for self employed unincorporated small business owners is due by June 16th, both CRA and RQ will start charging interest on balances due starting May 1st, 2025.\u00a0 So if you choose to file between May 2nd and June 16th it is best to pay at least an estimate of taxes owing by May 1st, 2025 to avoid or reduce interest costs. <\/p>\n<\/li>\n Instalments relating to the 2025 tax year are payable by March 17th, 2025, June 16th, 2025, September 15th, 2025 and December 15th, 2025. \u00a0If you are required to pay instalments as a sole proprietor<\/a> (unincorporated business\/self employed), you will be advised about the amounts and due dates by both Revenue Canada and Revenue Quebec via mail or by going to \u201cmy account\u201d which is available online.\u00a0 Note that generally if your income taxes payable exceed $3,000 in 2024, you are required to pay quarterly instalments for 2024, except if you live in Quebec where instalments are based on taxes payable in the previous year of $1,800. <\/p>\n<\/li>\n It should be noted that if your instalments start for the first time as a result of exceeding the income threshold in 2024, instalment payments will only start September 16th, 2025.\u00a0 <\/p>\n<\/li>\n See my post on Late filing penalties for income taxes<\/a>.<\/p>\n<\/li>\n<\/ul>\n All individual taxpayers have until March 3rd, 2025 to contribute to their RRSPs<\/a> for the 2024 calendar year.\u00a0 The maximum amount that you can contribute can be found on your 2023 notice of assessment or by going to CRA my account. Exceeding this amount will result in penalties so you want to be careful about how much you contribute.\u00a0 It should also be noted that the higher your marginal tax rate, the more benefit you get from an RRSP contribution. \u00a0<\/p>\n For Sole proprietors and corporations who pay employees via payroll:<\/p>\n With a little bit of preparation, filing your tax declarations on time is fairly straightforward and can help save you interest, penalties and the inevitable stress that comes with procrastination.<\/p>\n Download your free Canada unincorporated business tax deadline calendar for 2025<\/em><\/strong><\/a> (both Federal and Quebec).<\/em><\/strong><\/p>\n Do you want to <\/em>improve<\/em><\/strong> your financial skills? <\/em>Sign up for my newsletter<\/em><\/a> for expert insights on tax, finance, and accounting, designed for <\/em>solopreneurs<\/em><\/strong> and <\/em>small business owners<\/em><\/strong>.<\/em><\/p>\n<\/div>\nSALES TAX DEADLINES<\/strong><\/h2>\n
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INCOME TAX DEADLINES<\/strong><\/h2>\n
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RRSP CONTRIBUTION DEADLINE<\/strong><\/h2>\n
PAYROLL DECLARATIONS (T4 AND RL1) DEADLINE<\/strong><\/h2>\n