Tax Tips - Tax Planning and Filing Deadlines - 2025

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#C0DCC0" TEXT="#080000" bgproperties="fixed" background="0c060961excgdu.jpg"> <div> <B>STOROSZKO & ASSOCIATES</B><FONT SIZE="1" COLOR="#000000" FACE="Arial" >   |   </FONT><FONT SIZE="1" COLOR="#FFCC33" FACE="Arial" >  </FONT><FONT SIZE="2" COLOR="#FFCC33" FACE="Arial" ><A HREF="index.htm" TARGET="_top" TITLE="STOROSZKO ASSOCIATES">HOME</A></FONT></div> <div> </div> </td> </tr><tr> <td valign="top" width=195 BGCOLOR="#C0DCC0" TEXT="#080000" background="0bf12163.jpg"> <div> <A HREF="tax_tips.htm" TARGET="_top" TITLE="STOROSZKO ASSOCIATES Tax Tips">Tax Tips Home</A></div> <div> <A HREF="income.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Income">Income</A></div> <div> <A HREF="deductions.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Deductio">Deductions</A></div> <div> <A HREF="credits.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Tax Cred">Tax Credits</A></div> <div> <A HREF="filing.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Installm">Filing</A></div> <div> <B>Tax Planning and Filing Deadlines</B></div> <div> <A HREF="rrsp_tips.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: RRSP Ti">RRSP Tips</A></div> <div> <A HREF="cap_gains.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Capital ">Capital Gains</A></div> <div> <A HREF="benefits.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Tax Bene">Tax Benefits</A></div> <div> <A HREF="pensioners.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Pensione">Pensioners</A></div> <div> <A HREF="usa.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: United S">USA Tax</A></div> <div> <A HREF="investing.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Investin">Investing</A></div> <div> <A HREF="business.htm" TARGET="_top" TITLE="Tax Tips Business Tips: General Busines">Business Tips</A></div> <div> <A HREF="hst.htm" TARGET="_top" TITLE="Tax Tips Business Tips: HST Provincial">HST</A></div> <div> <A HREF="gst.htm" TARGET="_top" TITLE="Tax Tips Business Tips: Goods Services">GST</A></div> <div> <A HREF="payroll.htm" TARGET="_top" TITLE="Tax Tips Business Tips: Payroll">Payroll</A></div> <div> <A HREF="new_tax.htm" TARGET="_top" TITLE="Tax Tips New Tax Items">New Tax Items</A></div> <div> <A HREF="tax_records.htm" TARGET="_top" TITLE="Tax Tips How Long Should I Keep My Tax ">Tax Records</A></div> <div> <A HREF="file.htm" TARGET="_top" TITLE="Tax Tips Should You File a Tax Return?">Should You File a Tax Return?</A></div> <div> <A HREF="small_business.htm" TARGET="_top" TITLE="Tax Tips Small Business Start Up Tips">Small Business Start Up Tips</A></div> <bR> <bR> <div> The tax tips presented, and the rates provided, are only applicable to the dates the tax tips are presented and updated and they may change at any time.  Please use the tips for general information only and obtain professional advice and updates from Storoszko & Associates at 647 367-3477 or your professional tax advisor.</div> <bR> </td> <td valign="top" height=390 width="100%" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <I>Tax Tips - Tax Planning and Filing Deadlines - 2025</I></div> <bR> <div> <B>Canadian Tax Planning and Filing Deadlines — 2025</B></div> <bR> <bR> <div> <TABLE BORDER="0" CELLPADDING="1" CELLSPACING="1" WIDTH="687" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 16 WIDTH="681"><div> <B>First Quarter</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 58 WIDTH="88"><div> January 15</div> </tD> <tD VALIGN=TOP WIDTH="592"><div> Deadline for employees who acquired qualified publicly listed shares under employee stock-option plans in 2024 to file a letter indicating their intention to defer related benefits.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> January 30</div> </tD> <tD VALIGN=TOP><NOBR><div> Pay intra-family loan interest related to previous taxation year, to avoid income attribution.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 ><NOBR><div> February 14</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="592"><div> Reimburse employer for company car operating costs, to reduce operating benefit for the previous calendar year (optional). </div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 114 ><NOBR><div> February 28</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="592"><div> Last day to report personal use for previous calendar year if personal distance travelled was not greater than 20,000 kilometres and at least 50% of the distance was for business purposes, in order to reduce standby charge for company car (optional). For practical purposes, however, taxpayers who choose to make this report should really do so by mid-February. </div> <bR> <div> Last day to issue T4s, T4As and T5s to persons and CRA.</div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="88"><div> March 02</div> </tD> <tD VALIGN=TOP><NOBR><div> Last day to make personal and spousal RRSP contributions applicable to previous taxation year. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> March 15</div> </tD> <tD VALIGN=TOP><NOBR><div> First quarter installment due from taxpayers who are required to remit quarterly. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 WIDTH="88"><div> March 31</div> </tD> <tD VALIGN=TOP><NOBR><div> File Trust Income Tax Return for trusts with a December 31 year-end.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 32 WIDTH="681"><bR> <div> <B>Second Quarter</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 97 WIDTH="88"><div> April 30</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> File personal income-tax return for previous taxation year and remit balance due, if any, to CRA. </div> <div>  </div> <div> File GST rebate application for employee-related expenses deducted in previous taxation year.</div> <div> Personal Income Tax Return due for most individuals (except self-employed individuals and their spouses). Balance due, if any, must be paid today to avoid interest charges.</div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 178 WIDTH="88"><div> June 15</div> </tD> <tD VALIGN=CENTER WIDTH="592"><div> Second quarter instalment due from taxpayers who are required to remit quarterly. </div> <bR> <div> Due date for personal tax returns of individuals with self-employed business income, or spouses/common-law partners of taxpayers with self-employed business income. (Payment of tax balance still due April 30, 2025.)</div> <bR> <div> <I><B>??? Did You Know ...</B></I></div> <div> <I>That even if you are not able to pay your tax balance due, file your tax return on time anyway</I></div> <div> <I>(June 15, 2025 for self-employed individuals and their spouses, April 30, 2025 for others) to avoid the late filing penalty?</I></div> <bR> </tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 32 WIDTH="681"><bR> <div> <B>Third Quarter</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 ><NOBR><div> September 15</div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><div> Third quarter installment due from taxpayers who are required to remit quarterly. </div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 32 WIDTH="681"><bR> <div> <B>Fourth Quarter</B> </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 32 ><NOBR><div> December 15</div> </NOBR></tD> <tD VALIGN=CENTER><NOBR><div> Fourth quarter installment due from taxpayers who are required to remit quarterly.</div> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 277 ><NOBR><div> December 31</div> </NOBR></tD> <tD VALIGN=CENTER WIDTH="592"><div> Annual tax instalment due from individuals whose chief source of income is farming or fishing, and who choose not to remit quarterly. </div> <bR> <div> Deadline for taxpayers age 71<I> </I>(born in 1954)<I> </I>to ensure<I> </I>2025 contributions to their own RRSP are made. It is also the deadline for such individuals to convert their RRSPs to either RRIFs or life annuities. (People in that situation should, however, consult a certified general accountant who practises personal financial planning well in advance of that date to discuss the various options available to them). </div> <bR> <div> Deadline for taxpayers who qualify to have the operating-cost benefit with respect to an automobile used for employment, calculated as half the amount of the annual standby charge, to notify their employer in writing of such intentions. </div> <bR> <div> Ensure tax-deductible fees (e.g., accounting, investment counsel, interest carrying charges and safety-deposit box), expenses, (e.g., employee-related moving expenses) and credits (e.g., for charitable donations and medical expenses) for the current taxation year have been paid. </div> <bR> </tD> </tR> </TABLE></div> <bR> <bR> <bR> <bR> </td> </tr></table></body>