As we move through 2024, it’s important to stay on top of key tax deadlines to avoid penalties and maximize tax planning opportunities. Here are the crucial dates you should keep in mind for the year.
Key Deadlines for Q1 2024
February 28
Proposed extended deadline to make charitable donations for the 2024 tax year (pending approval).
Deadline for corporations with a December 31 year-end to pay the balance of income tax due (for Canadian-Controlled Private Corporations meeting specific criteria, the balance is due three months after year-end).
Deadline to issue T4, T4A, T5, RL-1, RL-2, and RL-3 income tax slips.
March 1
Deadline to contribute to your RRSP to claim a deduction for the 2024 tax year, including Home Buyers’ Plan/Lifelong Learning Plan repayments.
The 2024 RRSP limit is $31,560.
March 15
First quarterly personal income tax installment is due.
March 31
Deadline to file most trust income tax returns.
Deadline to issue most T3, RL-16, NR4, and T5013/RL-15 income tax slips.
Deadline to file most partnership income tax returns.
Key Deadlines for Q2 2024
April 15
Deadline to file 2024 U.S. individual income tax returns or request a six-month extension and pay any tax due.
Deadline to file 2024 U.S. Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114) for U.S. persons (automatic six-month extension applies).
April 30
Deadline to file personal income tax returns for most individuals and pay any balance due for 2024.
Deadline for residential property owners affected by the Underused Housing Tax (UHT) to file returns and pay any tax owing.
June 15
Second quarterly personal income tax installment is due.
Deadline to file personal income tax returns for self-employed individuals and their spouses/common-law partners.
Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end.
Deadline to file U.S. individual income tax returns for U.S. citizens or resident aliens residing abroad and U.S. non-residents with no withholding tax.
June 30
Deadline to file corporate income tax returns for corporations with a December 31 year-end.
Key Deadlines for Q3 & Q4 2024
September 15
Third quarterly personal income tax installment is due.
December 15
Fourth quarterly personal income tax installment is due.
December 30
Last trading day for tax-loss selling planning in 2024.
December 31
Deadline to contribute to a First Home Savings Account (FHSA) to claim a deduction for the 2025 tax year.
Deadline to make charitable donations for the 2025 tax year.
Deadline for RESP and RDSP contributions to receive government grants.
Deadline to contribute to your RRSP if you turn 71 in 2024.
Deadline to convert your RRSP to a RRIF if you turn 71 in 2024.
Deadline to close your FHSA if you turn 71 in 2024.
Final Thoughts
While these deadlines serve as general reminders, each taxpayer's situation is unique. It is always advisable to consult a tax professional to discuss your specific needs and ensure compliance with the latest tax regulations.
Stay organized and ahead of your tax obligations to maximize your financial opportunities in 2025!
Details provided by - https://www.scotiawealthmanagement.com/ca/en/resource-centre/scotiawealth-important-tax-dates.html
