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Canadian Tax Deadlines and Payment Due Dates - AADCPA

Canadian Tax Deadlines and Payment Due Dates

Canadian Tax Deadlines

The Canadian Tax Deadlines are almost here and you need to make sure that your tax affairs are in order for April 30. We’ve listed out the most important dates for your tax filing here so make sure you know which ones apply to your situation.

Important Canadian Tax Deadlines to Watch For

  • March 1, 2022
    • This was the deadline to contribute to an RRSP, a PRPP or an SPP.
  • April 30, 2022
    • This date is the deadline to file a regular income tax return.
    • The deadline to pay taxes and avoid interest or penalties is also this date.
    • April 30, 2022 is on a Saturday, so the effective deadline is May 2, 2022.
  • June 15, 2022
    • Deadline to file your or your spouse/common-law partner’s self employed return.
Canadian Tax Deadlines

No matter what category you fall into, if you have a balance owing for your 2021 taxes, it must be paid on or before April 30, 2022. Because this date falls on a Saturday, paying it on the following Monday which is May 2, 2022 is appropriate and considered on time as well.

If the amount owed is $2 or less, you do not have to make a payment. If not, the CRA charges daily compound interest on outstanding balances starting May 3, 2022 until the balance is paid in full.

Ways to Pay Your Taxes:

  • Pay online using your Canadian financial institution’s services.
  • Pay online using the CRA My Payment service.
  • Pay by setting up a pre-authorized debit agreement through the My Account section with CRA.
  • Pay by credit card, e-transfer or Paypal via a third-party service provider.
  • Pay in person with cash or debit at any Canada Post outlet.
    • This will involve a fee as well.
    • You will need a remittance voucher with a QR code.
  • Pay in person at your Canadian financial institution.
    • You will need a remittance voucher to do this.

Interest and Penalties for Filings After the Canadian Tax Deadlines

If you pay your tax owing late or if you have a balance owing and file your return late, there will be interest accumulated or a late-filing penalty applied. This could delay your benefit and credit payments as well so make sure to avoid this situation if you can.

How the Late-Filing Penalty is Calculated

  • The late-filing penalty is 5% of your 2021 balance owed with an additional 1% for each full month you file after the due date and caps out at 12 months.
  • If you owe a late-filing penalty for 2018, 2019 or 2020, your late-filing penalty for 2021 will be 10% of the balance owing instead and an additional 2% for each full month that you file after the due date, capping out at 20 months.
  • Tax instalments penalties will also apply if your instalment payments are late or less than the required amount but only if your instalment interest charges for 2022 are more than $1,000.

For more information on Canadian Tax Deadlines and due dates, review the CRA’s section on the Canadian Government’s website via the following links: