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  • Writer's pictureHarpreet Malhi

Stay Ahead of the Game: Mark Your Calendar for These Crucial 2024 Tax Deadlines

Updated: Mar 31


Personal Tax Deadlines 2024


Self-Employed (Business Income)


If you or your spouse earned business income in 2023 then your tax return is due June 17, 2024. (Normally due June 15th, however June 15th falls on a Saturday, therefore your return is due on the next business day)


However, any taxes due on business income will be due on April 30, 2024, even though your filing due date is June 17, 2024.


Employed (Non-Business Income)


None self employment income earner, your tax return and taxes due are both due April 30, 2024.


Corporate Tax Deadlines 2024


Corporate tax returns are due 6 months after tax year end.


Example 1 - December 31, 2023, the tax return will be due June 30, 2024.

Example 2 - June 30, 2023, the tax return will be due December 31, 2023.


Corporate Tax Owing


Canada Controlled Private Corporation (CCPC), taxes owing are due 3 months after year end.


Canada Controlled Private Corporation (CCPC) criteria:

  • The corporation claimed the small business deduction for the current or previous year.

  • The corporation and all associated corporations (if applicable) had taxable income less than $500,000 in the previous year.

Any other corporation that is not a CCPC, taxes owing are due 2 months after year end.


GST/HST Deadlines 2024


The chart below outlines common scenarios for GST/HST return due dates.

Type

Monthly Filers

Quarterly Filers

Annual Filers (Except Individuals with December 31 Year-Ends)

Annual Filers (Individuals with December 31 Year-Ends)

Due Date

Due 1 Month after the end of the reporting period.

Due 1 Month after the end of the reporting period.

Due 3 Month after the end of the reporting period.

Due June 17, 2024

Payment Date

On Filing

On Filing

On Filing

Due April 30, 2024

Example

October 1 - October 31, 2023, due date is November 30, 2023

October 1 - December 31, 2023, due date is January 31, 2024

January 1 - December 31, 2023, due date is April 2, 2024

January 1 - December 31, 2023, due date is June 17, 2024

Other Crucial Deadlines


Taxpayers should know additional deadlines that are relevant based on there scenarios for the 2024 tax-year.

Date

Description

February 29, 2024

T4, T4A, T4A-NR, T5 Slips and Summaries RRSP and FHSA Deadline

April 02, 2024 (Normally due March 31)

T3, T5013, NR4 Most Trust Income Tax Returns Most Partnership Income Tax Returns

Additional Deadlines

UHT - April 30, 2024 Bare Trust - April 02, 2024


Malhi Accounting Professional Corporation proudly provides tax and accounting services to businesses and individuals across Canada. Whether you require assistance with an audit or guidance in preparing for the tax season, Malhi Accounting offers reliable and transparent assistance every step of the way. A sincere desire to set clients up for success paired with over a decade of experience ensures progressive and reliable consulting services for individuals and businesses alike. To access the advice only a Chartered Professional Accountant can provide, contact Malhi Accounting today at harpreet@malhiaccounting.com or +1-416-407-5436, or visit malhiaccounting.com/contact


The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents.

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