Important tax dates for 2025
Like all wealth planning, tax planning is not simply a one-and-done exercise. Instead, it involves ongoing annual planning and review with your wealth and tax advisors, considering your particular facts and circumstances as they change and evolve. Tax dates and deadlines are an essential part of tax planning. Here are some important tax dates to consider:
As of January 1, 2025
Quarter 1
| Dates | Details |
|---|---|
| January 1 | New Tax-Free Savings Account (TFSA) contribution room becomes available. 2025 TFSA limit is $7,000. New Registered Retirement Savings Plan (RRSP) contribution room becomes available. 2025 RRSP limit is $32,490. |
| January 30 | Deadline to pay interest on income-splitting prescribed rate loans to avoid income attribution. |
| February 28 | Proposed extended deadline to make charitable donations to be claimed for the 2024 tax year. This tax change is a proposal at this time and has yet to be passed into law. |
February 28* | Deadline for the balance of income tax due for most corporations with a December 31 year-end (for a Canadian-Controlled Private Corporation (CCPC), which meets certain criteria, the balance of income tax due is three months after the corporation’s year-end). Deadline to issue T4/RL-1, T4A/RL-2, and T5/RL-3 income tax slips. |
| March 1* | Deadline to contribute to your RRSP and be able to claim a deduction for the 2024 tax year (including Home Buyers’ Plan/Lifelong Learning Plan repayments). 2024 RRSP limit is $31,560 |
| March 15* | First quarterly personal income tax instalment is due. |
| March 31* | Deadline to file most trust income tax returns. Deadline to issue most T3/RL-16 income tax slips. Deadline to file most partnership income tax returns. Deadline to issue most NR4 and T5013/RL-15 income tax slips. . |
Quarter 2
| Dates | Details |
|---|---|
| April 15 | Deadline to file 2024 U.S. individual income tax returns or 6-month extension requests and to pay any income tax due for 2024. Deadline to file 2024 U.S. Report of Foreign Bank and Financial Accounts (FBAR) FinCEN Form 114 for U.S. persons. Generally, the deadline is automatically extended for six months. |
| April 30* | Deadline to file personal income tax returns for 2024 where you or your spouse/common-law partner does not have self-employed business income and to pay any balance of income tax due for 2024. Deadline to pay any balance of income tax due for 2024 where you or your spouse/common-law partner has self-employed business income. Deadline for residential property owners affected by the Underused Housing Tax (UHT) to file their returns and pay any tax owing for the 2024 calendar year. |
June 15* | Second quarterly personal income tax instalment is due. Deadline to file personal income tax returns for 2024 where you or your spouse/common-law partner has self-employed business income. Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end. Deadline to file 2024 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 2024, where the corporate year-end is December 31. |
Quarter 3
| Dates | Details |
|---|---|
| September 15* | Third quarterly personal income tax instalment is due. |
Quarter 4
| Dates | Details |
|---|---|
| December 15* | Fourth quarterly personal income tax instalment is due. |
| December 30 | Last trading day to complete trade settlement in 2025, notably for tax-loss selling planning. |
December 31 | Deadline to contribute to your First Home Savings Account (FHSA) and be able to claim a deduction for the 2025 tax year. Deadline to make charitable donations to be claimed for the 2025 tax year. Deadline for Registered Education Savings Plan (RESP) and Registered Disability Savings Plan (RDSP) contributions to receive respective government grants. Deadline to contribute to your RRSP if you turn age 71 in the year. Deadline to convert your RRSP to a Registered Retirement Income Fund (RRIF) if you turn age 71 in the year. Deadline to close your FHSA if you turn age 71 in the year |
* If the deadline falls on a Saturday, Sunday, or a holiday, you have until the next business day.
This is a reminder of general tax dates and deadlines. Everyone’s tax situation is unique. Therefore, it is important to speak with your tax advisor for further discussion and analysis before implementing any tax planning strategies.