Individuals

Personal Due Dates for Filing

March 31, 2025- Due date for BC Speculation & Vacancy Tax declarations (if applicable)

April 30, 2025   – Tax Filing Deadline for individuals other than self-employed individuals

June 16, 2025   – Tax Filing Deadline for self employed individuals

Personal Due Dates for Payments

Personal Tax Instalments (Quarterly)

                         March 15

                         June 15

                         September 15

                         December 15

Note if the due date is a weekend or holiday a payment is considered on time if made on the next business day. Watch payments made at the bank to ensure they are dating it correctly as some banks will date the payment the day after you actually make it.

April 30, 2025 – Tax payment Deadline for all individuals including self-employed

Corporation

Due dates for filing

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

Due dates for Payments

       If corporate income tax for the previous year exceeds $3,000 a corporation may be subject   

       to making instalments either on a monthly or quarterly basis.

       Monthly instalments are based on one of the three following options:

Option 1 – One-twelfth (1/12) of the estimated tax payable for the current tax year is due each month of the tax year.

Option 2 – One-twelfth (1/12) of the tax payable from the previous tax year is due each month of the current tax year.

Option 3 – One-twelfth (1/12) of the tax payable from the year before the previous tax year is due in each of the first two months of the current tax year, then one-tenth (1/10) of the difference between the tax for the previous tax year and total of the first 2 payments is due in each of the remaining 10 months of the current tax year.

CRA will assess your return using the option that results in the least amount payable by instalments.

       Quarterly instalments (if eligible) are calculated using the following options:

Option 1 – One-quarter (1/4) of the estimated tax payable for the current tax year is due each quarter of the tax year.

Option 2 – One-quarter (1/4) of the tax payable from the previous tax year is due each quarter of the current tax year.

Option 3 – One-quarter (1/4) of the tax payable from the year before the previous tax year is due the first quarter of the current tax year. One-third (1/3) of the difference between the tax for the previous tax year and the first payment is due in each of the remaining three quarters of the current tax year.

CRA will assess your return using the option that results in the least amount payable by Instalments.

Due date for payment of the balance of corporate taxes

The payment of any corporate tax balance after deducting any instalments made is due as follows:

1. 3 Months after the corporate year-end for any corporation that meets the following:

          If conditions 1 and 2 that follow are met, as well as condition 3 or 4:

1. the corporation is a Canadian-controlled private corporation (CCPC) throughout the tax year
2. the corporation claimed the small business deduction for the current or previous tax year
3. the corporation’s taxable income for the previous tax year does not exceed its business limit for that tax year (if the corporation is not associated with any other corporation during the tax year)
4. the total of the taxable incomes of all the associated corporations for their last tax year ending in the previous calendar year does not exceed the total of their business limits for those tax years (if the corporation is associated with any other corporation during the tax year).

b. Any corporation that does not meet the conditions of item a) above are required to pay any corporate tax balance 2 months after the corporate year-end.

If you have any questions please contact Connect Live CPAs at (250) 924-4242 or (250) 390-3455