Important tax dates for Canadians to remember in 2024-25
Another tax season is just around the corner! Whether you’re planning on making a final contribution to an investment account or just want to stay on top of your finances, here are some key deadlines to circle on your calendar.
Registered accounts
When is the RRSP contribution deadline for the 2024 tax year?
Short answer: it depends. For most Canadians, the last day to contribute to your Registered Retirement Savings Plan (RRSP) for the 2024 tax year is March 3, 2025. RRSP contributions are tax-deductible, meaning any contributions you make before this date reduce your taxable income for 2024. Any unused contribution room carries forward and can be applied to a future tax return.
If you turned 71 in 2024, however, you have to make your final contribution to your RRSP by December 31, 2024. After this, your RRSP must be converted into a retirement income option, such as a Registered Retirement Income Fund (RRIF).
When is the FHSA contribution deadline for the 2024 tax year?
December 31, 2024, is the last day to make a contribution to your First Home Savings Account (FHSA) if you want it to apply against your 2024 tax return. As with RRSPs, contributions to an FHSA reduce your taxable income, which can help you earn a tax refund. Unused contribution room carries forward; unlike an RRSP, however, only $8,000 carries forward in any one year.
If you want to see how contributing to an RRSP and FHSA can lower the amount of tax you owe, Fidelity’s tax calculator can give you a quick estimate of your 2024 tax return.
When is the RESP contribution deadline for the 2024 tax year?
The final day to contribute to your Registered Education Savings Plan (RESP) for the 2024 tax year is also December 31, 2024. While RESPs do not reduce your taxable income, the deadline is important if you want to capitalize on the Canada Education Savings Grant (CESG). The CESG is a government program that matches 20% of contributions, up to $500 per year, per child, to a lifetime maximum of $7,200. Please note once a child turns 15, if no CESG has been contributed to the account by December 31, they will be ineligible to receive grants for ages of 16 and 17.
When is the TFSA contribution deadline for the 2024 tax year?
The last day to make a contribution to your Tax-Free Savings Account (TFSA) for the 2024 tax year is December 31, 2024. The better question to ask, however, is when can you reclaim your TFSA contribution room if you made a withdrawal this year? While you can remove money from your TFSA at any point, if you’ve maxed out your TFSA before you made the withdrawal, you will have to wait until January 1 to reclaim that contribution room.
Filing deadlines
When is the first day I can file my 2024 tax return?
Eager filers can file their taxes for the 2024 year as early as February 24, 2025. If you file by paper, this is also the date when you can request your income tax package.
When are the deadlines for filing my 2024 return?
If you owe money to the Canada Revenue Agency, you have to file your tax return and make payments by April 30, 2025. Otherwise, you can expect a late-filing fee of 5% of the amount you owe plus 1% of what you owe every month (up to a maximum of 12 months).
If you’re self-employed, you and your spouse or common-law partner must file your returns by June 16, 2025. But if you owe money, you’ll still have to pay by April 30, 2025. Late payments will be charged with a 5% filing fee of the amount you owe plus 1% of what you owe every month (up to a maximum of 12 months).
What other tax dates are important?
March 31, 2025: This is the deadline for filing a family trust with a calendar year-end and filing a Statement of Amounts Paid or Credited to Non-Residents of Canada (NR4).
