File Your Taxes on Time! 2015 Deadlines

Posted 29 Jan 2015 by Victoria Holland, CMA


Most of us are aware of the reporting deadlines imposed on us as taxpayers. Yet, how often do we find ourselves scrambling at the last minute to get things filed on time? As another year unfolds and we juggle the demands of our busy lives, it is easy to lose sight of important deadlines.

Here are some dates to mark on your calendar for 2015 (for Québec residents, please consult Revenu Québec):

Individual taxpayers:
  • March 2, 2015 (the usual March 1 deadline being a Sunday) - Contribute to your registered retirement savings plan (RRSP) to claim a deduction on your 2014 tax return. The amount you can contribute is based on 18% of your ‘earned income’ from 2014 up to a limit of $24,930. Earned income generally includes income from employment (less any adjustment if you were part of an employer sponsored pension plan), business and net rental income. Meet with your financial security advisor well in advance of this date to plan the investment strategy that’s best for you.
  • April 30, 2015  May 5, 2015 – File your individual tax return (T1) for 2014.
  • April 30, 2015  May 5, 2015 – Pay all amounts owing with regard to your 2014 T1 to avoid penalty interest.
Self-employed:

June 15, 2015 –File your individual tax return (T1). If either you or your spouse (or common-law partner) carried on a business in 2014, you have extra time to prepare your return. However, any amounts owing are due and must be paid by April 30, 2015 to avoid possible interest. It is advisable to file your return by April 30, 2015 if at all possible, but if you find you need more time you could still avoid interest charges by making a payment on or before April 30th based on your best estimate of any taxes owing.

Business Owners:

This year the February 28 mailing deadline for several information slips (T4s and T5s for example) falls on a Saturday. For business owners and employers, when a mailing deadline falls on a weekend or holiday like this, you are considered to be filed/mailed on time if the slips are received by Canada Revenue Agency (CRA) or postmarked on the next business day.

March 2, 2015 – File your T4/T4A information return.

Is your business incorporated? File your corporate tax return (T2) no later than six months after the end of your fiscal year. It is important to note that in order to receive a refund you must file a return within three years.

Are you in the construction industry? If you are making payments to subcontractors you must file a T5018 information return six months after the end of the reporting period you have chosen for your business (your fiscal year).

Are you a farmer or fisher? Those whose main source of self-employment income is from farming or fishing are required to make only one instalment payment on December 31.

Family Trusts

March 31, 2015 – File your trust income tax return (T3).

Have you paid dividends through your family trust or through a corporation in 2014?

March 2, 2015 - File your T5 information return.

Pay Your Tax Owing in Installments

As an individual taxpayer, if your net tax owing is $3,000 or more in the current (2015) or either of the two prior tax years (2013 or 2014), the CRA may require you to pay in installments. If so, they are due in 2015 as follows:
March 16 | June 15 | September 15 | December 15

Similar to filing deadlines, in the case where an installment due date falls on a weekend (or a public holiday recognized by the CRA), it is considered to be paid on time if received by CRA or postmarked on the next business day. Since the March installment deadline falls on a Sunday this year, the payment can be postmarked or received by CRA on the 16th without incurring interest or penalties.

Do yourself (and your tax preparer!) a huge favour and mark your calendar to give yourself plenty of time to meet these deadlines. Planning ahead can help minimize your stress as well as your tax burden.

 

The information provided is based on current tax legislation and interpretations for Canadian (non-Quebec) residents and is accurate to the best of our knowledge as of the date of publication. Future changes to tax legislation and interpretations may affect this information. This information is general in nature, and is not intended to be legal or tax advice. For specific situations, you should consult the appropriate legal, accounting or tax advisor.