As the 2025 tax season approaches, are you ready to file on time and maximize your tax savings? At Looknauth CPA Professional Corporation, we want to make sure you stay ahead of deadlines, avoid penalties, and navigate the tax season smoothly. Whether you’re an individual taxpayer, a self-employed entrepreneur, or a business owner, here’s your ultimate guide to important filing deadlines and tax compliance requirements for 2025!
Key Deadlines for 2025 Tax Filing – Mark Your Calendar!
📌 Individuals (T1 Personal Tax Returns)
- Filing Deadline: April 30, 2025
- Payment Due Date: April 30, 2025 (if taxes are owed)
If you miss the deadline, late-filing penalties and interest on unpaid taxes will start accruing. Don’t leave it to the last minute—file early and avoid stress!
Self-Employed Individuals | Sole Proprietors (T1 Tax Returns)
- Filing Deadline: June 15, 2025*
- Payment Due Date: April 30, 2025 (if taxes are owed)
*Since June 15 falls on a Sunday, the deadline moves to June 16, 2025.
GST/HST for Self-Employed Individuals | Sole Proprietors
If you are GST/HST Registrants, you MUST file and remit amount owing according to your reporting period:
- Annual Filers (e.g., December 31, 2024, Year-End):
- Filing Deadline: June 15, 2025
- Payment Due Date: April 30, 2025
- Quarterly Filers: Due by the end of the month following the quarter-end (e.g., Q1 2025 ending March 31 is due April 30, 2025).
- Monthly Filers: Due by the end of the following month (e.g., January 2025 filing is due February 28, 2025).
- Tip: Keep proper records of business expenses—you may qualify for deductions that reduce your tax bill!
Corporations (T2 Corporate Tax Returns)
General Corporate Filing Requirements:
- Filing Deadline: Six months after the fiscal year-end
- Balance Due Date:
- Generally, payments for Corporations are due: Two months after the fiscal year-end
- For CCPCs (Canadian-Controlled Private Corporations) claiming Small Business Deduction: Three months after the fiscal year-end
Example: Corporation with a December 31, 2024, Fiscal Year-End
- Filing Deadline: June 30, 2025
- Balance Due Date:
- February 28, 2025
- For CCPCs (with Small Business Deduction): March 31, 2025
GST/HST for Corporations
If you are GST/HST Registrants, you MUST file and remit amount owing according to your reporting period:
- Annual Filers (e.g., December 31, 2024, Year-End):
- Filing Deadline: March 31, 2025
- Payment Due Date: March 31, 2025
- Quarterly Filers: Due by the end of the month following the quarter-end (e.g., Q1 2025 ending March 31 is due April 30, 2025).
- Monthly Filers: Due by the end of the following month (e.g., January 2025 filing is due February 28, 2025).
- Tip: Optimize your corporate tax strategy by leveraging income splitting (while ensuring compliance with TOSI rules) and exploring tax deferral opportunities to effectively reduce tax liabilities and enhance cash flow.
Payroll Filing & Remittance Deadlines
- T4, T4A, T5 Slips (for 2024 income): Must be issued to employees and submitted to the CRA by February 28, 2025.
- T4, T4A, T5 Slips (for 2024 income) & Summary: Must be filed and submitted to the CRA by February 28, 2025.
- Payroll Remittances:
- Regular Remitters [less than $25,000 AMWA – average monthly withholding amount]:
- Due by the 15th of the following month (e.g., January 2025 payroll remittance is due February 15, 2025).
- Quarterly Filers [less than $1,000 MWA and $3,000 AMWA]:
- Due by the 15th of the month following the quarter-end (e.g., Q1 2025 ending March 31 is due April 15, 2025.
- Accelerated Remitters – Threshold 1 [$25,000 to $99,999.99 AMWA]:
- Payroll for the first 15 days of the month, remittances are due by the 25th of the same month.
- Payroll for the 16th to the end of the month, remittances are due by the 10th day of the following month.
- Accelerated Remitters – Threshold 2 [$100,000 or more AMWA]:
- Remittances due within three business days following the pay date.
- Regular Remitters [less than $25,000 AMWA – average monthly withholding amount]:
Underused Housing Tax (UHT)
The UHT is an annual 1% tax on the assessed value of vacant or underutilized residential properties in Canada. While it primarily applies to foreign owners (non-Canadian citizens or non-permanent residents), certain Canadian owners—including some corporations, trustees, and partners in partnerships—may also be subject to the tax under specific conditions.
- UHT Filing Deadline: April 30, 2025
- Payment Deadline: April 30, 2025
- Filing Requirement: A separate UHT return must be filed for each vacant or underused residential property owned as of December 31, 2024
- Tip: If your property is used for short-term rentals or seasonal occupancy, check whether exemptions apply to reduce or eliminate UHT liability.
Important Tax Planning Reminders
- RRSP Contribution Deadline: March 3, 2025, for the 2024 tax year.
- TFSA Contribution Limit for 2025: $7,000 – Ensure compliance to avoid penalties.
- Tax Installments: Make payments on time accordingly to your tax installment threshold to avoid interest charges and penalties.
Need Help? Let’s Plan Your Filing in Advance!
At Looknauth CPA Professional Corporation, we help business owners, self-employed individuals, and corporations stay compliant and maximize tax savings:
- Tax Preparation (Personal, Corporate, Self-Employed)
- GST/HST Compliance & Filing
- Payroll Compliance, Filings, & Remittances
- Corporate Tax Planning & Strategies
Don’t wait until the last minute! Let’s strategize for a smooth tax season. Contact us today:
📞 Call us at 416-450-1549
📩 Email us at info@looknauthcpa.com
