2021 Tax Season and Deadlines
The 2021 tax season is approaching and so are the deadlines. We are looking forward to guiding you through the process and providing helpful tips to ensure you get the most out of your taxes and don’t miss any important deadlines. Below we have outlined the various 2021 tax deadlines for individuals, trusts, corporations and GST that you should be aware of to help you prepare for the upcoming tax season.
Individuals
For individuals filing and paying taxes in 2021, the date to be aware of is April 30. In general, this is the date that both filings and payments are due.
Self-employed
If you are self-employed you should make note that tax payments will be due Friday, April 30 and filings are due Tuesday, June 15, 2021.
Exceptions
There are always a few exceptions to the rules and the 2021 tax year brings a few.
First, if an individual has become deceased in November or December of the previous year (2020), their tax filing deadline is moved to 6 months after the date of passing. However the payment deadline remains on April 30, 2021.
Second, if an individual becomes deceased between January and April of the current year (2021), their 2020 tax payment becomes due 6 months after their date of passing.
Instalments
In the event that you are required to pay instalments, for example if you had to pay more than $3,000 in April of the previous year (2020) –not including any taxes remitted on your behalf by an employer– your due dates for those instalments become:
- March 15, 2021
- June 15, 2021
- September 15, 2021
- December 15, 2021
RRSP Contribution
As an individual filing and paying taxes, it’s important to note that the deadline for contributing to an RRSP for the 2020 tax year is March 1, 2021.
Trusts
In the case of trusts, all returns are due 90 days after the year end. Tax payment is due at the same time.
Corporations
As a corporation, there are additional dates to be aware of in the 2021 tax season. The dates often depend on when your year-end is.
Filing
Tax filings as a corporation are due 6 months after their year end.
Payment
Tax payments as a corporation are generally due 2 months after year end, unless you are a Canadian Controlled Private Corporation (CCPC). In this case they are due 3 months after their year end.
GST
Taxes for GST can be filed on different frequencies, the options include monthly, quarterly or annually.
Monthly
Both the filing and payment deadlines are at the end of the following month.
Quarterly
Both the filing and payment deadlines are at the end of the following month.
Annually
The deadlines for filing and payments are 3 months after their year end. If you are a self-employed individual, the deadlines are the same as the self-employed individuals outlined above (payments are due April 30, 2021 and filing is due June 15, 2021).
This time might be stressful…we understand! Come visit us with any questions.
