RESOURCE
Canadian tax filing and payment deadlines for middle-market taxpayers for 2024
ARTICLE | February 27, 2024
Authored by RSM Canada
Executive summary
To simplify your tax-filing experience, we have compiled the key tax filing and payment deadlines for the middle-market taxpayers. This article will serve as a one-stop solution for keeping track of the key tax deadlines approaching. By filing the tax return(s) and paying the taxes due on time, taxpayers can avoid delays to any refund, benefit, or credit payments they may be entitled to. In addition, complying with the due dates will help to avoid late-filing and/or late-payment penalties and interest.
Canadian tax filing and payment deadlines for middle-market taxpayers for 2024
With the approaching tax season, a taxpayer may have to file numerous returns to ensure tax compliance. In addition, with the fast-paced tax developments happening, keeping track of the annual tax filing and payment deadlines could be difficult. This article is a one-stop solution for middle-market taxpayers as it summarizes key tax filing and payment deadlines for the year 2024. The table below is not exhaustive but caters to the most common compliance relevant for middle market taxpayers.
Where the taxpayer omits filing and payment, late files and remits, additional penalties and/or interest kicks in leading to an additional cost burden on the taxpayer.
|
Return/ Form type |
Taxpayer type |
Due date of filing or payment |
|
T1 Returns |
Self-employed individuals or those whose spouses or common-law partners are self-employed |
|
|
Other individuals |
|
|
|
Deceased individuals where the date of death is before Nov. 1, 2023 |
Return due on:
Tax owing due on April 30, 2024 |
|
|
Deceased individuals where the date of death is on or after Nov. 1, 2023 |
|
|
|
Non-residents individuals with a Canadian filing obligation (Section 216/217 returns) |
|
|
|
T2 Corporate tax returns |
For corporations having a Dec. 31, 2023 calendar year-end |
Return due on June 30, 2024* Tax owing due:
|
|
For corporations having a non-calendar year-end |
Return due no later than six months after the end of the corporation’s taxation year Tax owing due:
|
|
|
T3 Trust returns |
Inter-vivos trusts (required to have a calendar year-end) |
Return due 90 days after year-end on March 30, 2024* |
|
Testamentary trusts and Non-resident trusts with a filing obligation in Canada (not required to have a calendar year-end) |
Return due no later than 90 days after the trust’s year-end date |
|
|
T4, T4A-NR, T5 |
- |
Due on Feb. 29, 2024 |
|
NR4 Non-resident information returns |
For an estate or trust |
Return due no later than 90 days after year-end |
|
Other taxpayers |
Return due on March 31, 2024* |
|
|
T5013 Partnership returns |
|
Return due on March 31, 2024* |
|
Where partners are corporate partners (not including professional corporations) |
Return due five months after the end of the taxation year of the partnership |
|
|
All other cases |
Earlier of:
|
|
|
T1134 Information return relating to foreign affiliates |
For individuals and other taxpayers having a Dec. 31, 2023 year-end |
Return due on Oct. 31, 2024 |
|
For other taxpayers with a taxation year beginning in 2023 |
Return due no later than 10 months after the year-end |
|
|
T1135 Foreign income verification statement |
Self-employed individuals or those whose spouses or common-law partners are self-employed |
Return due on June 15, 2024* |
|
Other individuals |
Return due on April 30, 2024 |
|
|
For corporations having a Dec. 31, 2023 calendar year-end |
Return due on June 30, 2024* |
|
|
For corporations with a non-calendar year-end |
Return due no later than six months after the end of the corporation’s taxation year |
|
|
Return due on March 31, 2024* |
|
|
Partnerships where partners are corporate partners (not including professional corporations) |
Return due five months after the end of the taxation year of the partnership |
|
|
All other partnerships |
Earlier of:
|
|
|
Inter-vivos trusts with a Dec. 31, 2023 year-end |
Return due on or before March 30, 2024* |
|
|
Testamentary trusts |
Return due no later than 90 days after the trust’s year-end date |
|
|
T106 Information return of non-arm’s length transactions with non-residents |
Self-employed individuals or those whose spouses or common-law partners are self-employed |
Return due on June 15, 2024* |
|
Other individuals |
Return due on April 30, 2024 |
|
|
For corporations having a Dec. 31, 2023 calendar year-end |
Return due on June 30, 2024* |
|
|
For other corporations |
Return due no later than six months after the end of the corporation’s taxation year |
|
|
Return due on March 31, 2024* |
|
|
Partnerships where partners are corporate partners (not including professional corporations) |
Return due five months after the end of the taxation year of the partnership |
|
|
Inter-vivos trusts with a Dec. 31, 2023 year-end |
Return due on or before March 30, 2024* |
|
|
Testamentary trusts and Non-resident trusts with a filing obligation in Canada |
Return due no later than 90 days after the trust’s year-end date |
|
|
T661 Scientific Research and Experimental Development (SR&ED) claim |
For self-employed individuals |
Form due no later than 12 months after the filing due date of T1 |
|
For corporations (except for non-profit SR&ED corporation) |
Form due no later than 12 months after the filing due date of T2 or 18 months from the end of the taxation year |
|
|
For non-profit SR&ED corporation |
Form due no later than six months after the end of the corporation’s taxation year |
|
|
For partnerships |
Form due no later than 12 months after the earliest of all filing due dates for each member’s income tax return deadline for the tax year in which the partnership’s fiscal period ends. |
|
|
For trusts |
Form due no later than 12 months after the filing due date of T3 |
|
|
RC313 Reportable Uncertain Tax Treatments (RUTT) Information Return |
For corporations having a Dec. 31, 2023 calendar year-end that are required to disclose RUTT |
Information return due no later than June 30, 2024* |
|
For corporations with a non-calendar year-end that are required to disclose RUTT |
Information return due no later than six months after the end of the corporation’s taxation year |
|
|
UHT-2900 Underused Housing Tax Return and Election Form |
Certain taxpayers owning a residential property in Canada |
|
* As per the Canada Revenue Agency (CRA) guidance, when a due date falls on a Saturday, Sunday or public holiday recognized by the CRA, the return is considered filed and the payment is considered to be made on time if the CRA receives the filing, or if the payment or filing is postmarked, on or before the next business day. Therefore, in these instances, as the due date falls on a weekend or a federal holiday, the filing or payment deadline is the first working day following.
Questions?
Contact your trusted Stark & Marsh Advisor or an office close to you.
This article was written by Farryn Cohn, Chetna Thapar, Mamtha Shree and originally appeared on 2024-02-27 RSM Canada, and is available online at https://rsmcanada.com/insights/tax-alerts/2024/canadian-tax-filing-and-payment-deadlines-for-middle-market-taxpayers-for-2024.html.
The information contained herein is general in nature and based on authorities that are subject to change. RSM Canada guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM Canada assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
RSM Canada Alliance provides its members with access to resources of RSM Canada Operations ULC, RSM Canada LLP and certain of their affiliates (“RSM Canada”). RSM Canada Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM Canada. RSM Canada LLP is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms. Members of RSM Canada Alliance have access to RSM International resources through RSM Canada but are not member firms of RSM International. Visit rsmcanada.com/aboutus for more information regarding RSM Canada and RSM International. The RSM trademark is used under license by RSM Canada. RSM Canada Alliance products and services are proprietary to RSM Canada.
Stark & Marsh CPA LLP is a proud member of RSM Canada Alliance, a premier affiliation of independent accounting and consulting firms across North America. RSM Canada Alliance provides our firm with access to resources of RSM, the leading provider of audit, tax and consulting services focused on the middle market. RSM Canada LLP is a licensed CPA firm and the Canadian member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM Canada Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how Stark & Marsh CPA LLP can assist you, please call us at 306-773-7285.