With the 2024 tax filing deadline approaching, it is important to understand key deadlines for employers and financial institutions. Ensuring you have all necessary documentation, including income slips, investment statements, and tax receipts, will help streamline your filing process and avoid potential delays. Below are important dates to keep in mind for the 2024 tax year.
2024 RRSP Contribution Deadline: March 3, 2025
Please be aware that if you want to deduct RRSP contributions on your 2024 income tax return, they must be made by March 3, 2025.
T4 Slips for Employment Income
Corporations must file and issue T4 slips to their employees by February 28, 2025. Even if you are not incorporated and have an employee, the T4 deadline remains February 28, 2025. For example, if you employ a nanny, you must file by this date.
T3 and T5 Slips for Investment Income and Dividends Paid to Owners
Corporations must file and issue T5 slips by February 28, 2025. If you pay yourself using dividends from your own corporation, you must issue yourself a T5 slip, which is also due on February 28, 2025.
T3 slips (which are issued by trusts such as mutual fund trusts and exchange-traded funds) must be filed and issued by March 31, 2025.
T5013 slips, which are issued by some investments organized as partnerships, also have a March 31, 2025, filing deadline.
Personal Income Tax Return Deadline: April 30, 2025
The filing deadline for most personal income tax returns is April 30, 2025. If you have business or professional income (non-incorporated), your filing deadline (along with your spouse’s) is extended to June 16, 2025 (as June 15 falls on a weekend); however, any income taxes owing are still due by April 30, 2025.
Other Important Deadlines
- First Quarter (Q1) 2025 Tax Installment Payment: March 15, 2025
- Second Quarter (Q2) 2025 Tax Installment Payment: June 16, 2025
- Third Quarter (Q3) 2025 Tax Installment Payment: September 15, 2025
- Fourth Quarter (Q4) 2025 Tax Installment Payment: December 15, 2025
Personal Income Tax Checklist
Since many types of investment income come from trusts (T3s) or partnerships (T5013s), which are typically sent out by investment firms in late March each year, it is usually best to delay giving your accountant all your tax forms until the first week of April. This ensures your accountant has all the slips, receipts, and other documentation necessary to complete your personal income tax return accurately.
It’s also a good idea to review all the slips, receipts, and documentation from your 2023 income tax return to ensure you have all the necessary items for 2024 (assuming nothing has changed). This can help avoid needing to file adjustments later.
Did You Know?
If you have investments, you can generally obtain all investment-related items directly from your investment firm or advisor. Your investment firm should automatically send out slips such as:
- RRSP Contribution Receipts (wait for receipt for first 60 days of 2025)
- T4RSP or T4RIF slips (if you received funds from your RRSP or RRIF in 2024)
- T5/T3 slips
- T5013 slips
Please note that the institution is required to file by the above-mentioned deadlines, but this does not mean you will receive these appropriate documents by that deadline if they have been sent by mail.
If you have non-registered accounts, you will need additional information such as:
- Capital Gain/Loss reports, including the original cost of all investments sold in 2024
- Total Investment Management Fees paid, including GST/HST for 2024 (Investment firms are required to send this information out each year). These fees are tax-deductible for all non-registered accounts.
If you have any questions, please contact the office – we’re happy to assist you.