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2024 Important Tax Filing Deadlines

Updated: Feb 14

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2024 Important Tax Filing Deadlines
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Here is a brief overview of important deadlines for common tax filings in Canada for 2024:


1. T4 Statement of Remuneration Paid:

  • Employers must issue T4 slips to employees and file a T4 Summary with the T4 slips to the CRA by February 29, 2024.

2. T5 Statement of Investment Income:

  • Corporations are required to issue T5 slips to recipients (e.g. dividends and interest) and file a T5 Summary with the T5 slips to the CRA by February 29, 2024.

3. NR4 Statement of Amounts Paid or Credited to Non-Residents of Canada:

  • Corporations are required to issue NR4 slips to non‑resident recipients (e.g. Canadian rents, dividends, interest, management fees) and file a NR4 Summary with the NR4 slips to the CRA by March 31, 2024.

4. T1 Personal Income Tax Return for Individuals:

  • The deadline for filing personal income tax returns is April 30, 2024.

  • If you or your spouse/common-law partner are self-employed, the deadline is extended to June 15, 2024, with any balance owing due by April 30, 2024.

5. T2 Corporate Income Tax Return:

  • Ensure your T2 Corporate Income Tax Return is filed within six months after the end of your corporation's fiscal year.

6. T3 Trust Income Tax and Information Return:

  • The deadline for filing a T3 trust return is 90 days after the end of the trust's tax year. Trusts (e.g. bare trusts) that are required to file a T3 Return, other than listed trusts, generally need to complete Schedule 15 in their annual T3 return to report beneficial ownership information.

7. T1134 Foreign Affiliate Reporting:

  • Individuals and corporations with foreign affiliates must file a T1134 Information Return (T1134 Summary and T1134 Supplements) annually. The return is due 10 months following a corporation’s year end, therefore, for a December 31, 2023 year end, the return must be filed by October 31, 2024 (same for all individuals).

8. T661 Scientific Research and Experimental Development (SR&ED) Claim:

  • Corporations have 18 months from the end of a taxation year to file its SR&ED claim for that particular year. Corporations with a December 31, 2023 year end have until June 30, 2025 to file an SR&ED claim for that year.

Stay informed and meet these deadlines to avoid penalties and to make the most of available tax benefits. For personalized advice or any changes in tax regulations, please consult us.

 

Wishing you a successful and stress-free tax season!

 

Best regards,

 

IMPACT CPA LLP

 

 

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©2024 IMPACT CPA LLP, an Ontario limited liability partnership. All rights reserved.

 

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