Upcoming Tax Dates

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Upcoming Tax Dates: What You Need to Know

As we step into 2025, it’s essential to stay on top of tax deadlines and changes that could impact your financial planning. Here’s an updated guide tailored for small business owners and individuals.

Key Tax Deadlines for 2025

Personal Income Tax Returns (T1)

Filing Deadline: April 30, 2025
Payment Deadline: April 30, 2025

If you or your spouse/common-law partner is self-employed, the filing deadline is extended to June 16, 2025 (as June 15 falls on a Sunday). However, taxes owing are still due by April 30, 2025.

Corporate Income Tax Returns (T2)

For most businesses with a December 31, 2024, year-end, the filing deadline is June 30, 2025. Taxes owed must be paid within two months of your year-end (or three months for eligible Canadian-controlled private corporations).

GST/HST Returns

Filing deadlines depend on your reporting frequency. Annual filers with a December 31 year-end must file by June 15, 2025, with payments due on April 30th, 2025. For more detailed discussion on GST filing deadlines, see Understanding GST/HST Payment Deadlines: A Comprehensive Guide

T4/T5 Filing

Employers must file T4 and T5 slips and summaries with the CRA by February 28, 2025, and provide copies to employees or recipients by the same date.

RRSP Contribution Deadline

The RRSP contribution deadline for the 2024 tax year is March 3, 2025.

Instalment Payments for 2025

Quarterly instalments for individuals and corporations are due on March 15, June 15, September 15, and December 15, 2025.

Tips to Prepare for the 2025 Tax Season

Organize Early: Gather receipts, income slips, and other supporting documents now to avoid last-minute stress.
Review Instalments: Ensure your quarterly instalments are up-to-date to prevent interest charges.
Reach Out to a Tax Professional: A tax professional can help you understand important tax considerations and help you to not make costly tax related mistakes.

Pro Insight: Professional tax help isn't an expense. It's a strategic investment in your financial future.

At Gem Solutions Professional Corporation we focus on simplifying tax compliance for small businesses and individuals. Whether you’re managing a business, navigating cross-border tax issues, or planning your financial future, we’re here to help.

FAQ

I'm a U.S. citizen living in Calgary. Do I still have to file U.S. taxes?

Yes. U.S. citizens and green card holders file a U.S. return every year, wherever they live, even when no U.S. tax is owed. You also file a Canadian return as a resident of Canada.

Will I be taxed twice on the same income?

Usually not. The Canada–U.S. tax treaty and foreign tax credits are designed to prevent it, but only when both returns are prepared together so the credits line up.

What is an FBAR, and do I need one?

An FBAR reports your non-U.S. financial accounts to the U.S. Treasury. You need one if the combined value of your foreign accounts exceeded US$10,000 at any time during the year.

I haven't filed U.S. returns in years. What should I do?

You're not alone. If the missed filings weren't willful, the IRS Streamlined Foreign Offshore Procedures let you catch up, generally with no penalties.

Do you only work with clients in Calgary?

We're based in Calgary and work virtually with clients across Alberta, the rest of Canada and the U.S.