IMPORTANT DEADLINES AND CRA INTEREST AND PENALTIES
IMPORTANT DEADLINES
| January 15 | Deadline for employees to elect tax deferral on non-CCPC qualified employee stock option benefits. |
| January 30 | Deadline for interest payments on employee loans for the previous year Deadline for interest payments on non-arms length income splitting loans |
| February 14 | Reimburse employer for company car operating costs to reduce operating benefit for previous calendar year. |
| February 28 | Deadline for filing T4’s T5’s and T4A’s |
| February 28 | Students must receive written offer to enroll for funds withdrawn under the Lifelong Learning Plan in the previous year |
| March 1 | Deadline for making RRSP contributions deductible in previous year. |
| March 15 | First installment for personal taxes |
| March 31 | Deadline for filing Inter Vivos Trust returns and T3 information slips. |
| March 31 | Deadline for filing and remitting payment calculated on T1-OVP returns for excess contributions to RRSP’s in the previous year. |
| March 31 | Deadline for partnership information return. |
| April 15 | Deadline for U.S. personal income tax returns. |
| April 30 | General deadline for filing and remitting balances due for Canadian income tax returns. |
| April 30 | Deadline for filing deceased person’s tax returns if death occurred between January 1 and October 31 of the previous year. For deaths occurring in November and December, the filing deadline is six months from date of death. Persons in dying subsequent to December 31, but prior to April 30 have six months after date of death to file the previous year’s tax return. |
| April 30 | Deadline for remitting balances owing for self employed individuals. |
| June 15 | Deadline for filing self-employed income tax returns. |
| June 15 | Deadline for filing US non-resident tax returns |
| June 15 | Second installment for personal taxes |
| June 30 | Deadline for filing T5018 contract reporting for non-incorporated businesses in construction and incorporated businesses with December 31 year ends. |
| September 15 | Third installment for personal taxes |
| October 1 | You must buy or build your home with funds withdrawn under the Home Buyers Plan in the previous year. |
| December 15 | Fourth installment for personal taxes |
| December 31 | Deadline for those who are 71 years old to convert their RRSP’s to RRIF’s or annuities. |
| December 31 | The last day you may make contributions to your own RRSP if you turned 71 years of age during the year |
| December 31 | Deadline for making payment on tax deductible or creditable items, such as accounting, investment counseling, interest carrying charges, charitable donations, childcare expenses, political contributions, tuition fees, alimony, professional and union dues. |
CRA INTEREST AND PENALTIES:
| Description | Penalty |
| Failure to file income tax returns (T1, T1OVP, T2, T3) | First occurrence – 5% of unpaid tax plus 1% per month not to exceed 12 months
|
| Failure to provide information on prescribed forms | $100 for every occurrence |
| False statements or omissions knowingly or under gross negligence | Greater of $100 and 50% of the tax payable on understatement of income |
| Failure to report income in year and any of three preceding years | 10% Federal and Provincial of the amount not reported |
| Failure to deduct, withhold, or remit tax deducted and withheld | First occurrence – 10% of amounts not deducted, withheld or remitted Second occurrence – 20% of amounts not deducted, withheld or remitted |
| Tax evasion | On summary conviction, 50% to 200% of tax evaded or both the fine and imprisonment for up to two years. On indictment, 100% to 200% of tax evaded and imprisonment for up to five years |
| Failure to remit source deductions | 3% up to three days, 5% four days to five days, 7% six days to seven days and 10% over seven days |
| Failure to maintain adequate books and records | Prosecution and a fine not less than $1,000 |