Running a successful small business in Canada means mastering more than just your products and services. It also means staying on top of your tax obligations. For small business owners, understanding and meeting CRA deadlines is essential for maintaining financial health and avoiding costly penalties.
Whether you’re filing as a sole proprietor from your home office or managing an incorporated company with multiple employees, the 2025 tax season has important deadlines and requirements. Missing these dates risks penalties and interest charges and can impact your business’s cash flow and relationship with the CRA.
Our guide will walk you through every critical small business deadline in the 2025 tax calendar. We’ll cover everything from income tax filing dates for self-employed individuals to corporate tax deadlines, GST/HST reporting periods, and payroll remittance schedules. We’ll also explain the potential consequences of late filings and share practical strategies to help you stay ahead of your tax obligations, like online bookkeeping services.
Let’s ensure your business is well-prepared to navigate the 2025 tax season with confidence and compliance.
Self-Employed Tax Deadline for Small Business 2025
Filing Deadline: June 15, 2025
Payment Deadline: April 30, 2025
If you are self-employed in Canada, your tax return is due by June 15, 2025, for the 2024 tax year. However, the deadline to pay any taxes owed is April 30, 2025.
Even though you have until June 15 to file, interest accrues on unpaid taxes after April 30. To avoid unnecessary charges, it is best to treat April 30 as your deadline and ensure any balance owing is paid by then.
Corporation Tax Deadline for Small Business 2025
Filing Deadline: Six months after your fiscal year-end
Payment Deadline: Two months after your fiscal year-end
For incorporated businesses in Canada, your corporate tax return (T2) is due six months after your fiscal year-end.
For example, if your corporation’s fiscal year ends on December 31, 2024, your corporate tax return is due by June 30, 2025. However, the corporate tax payment is due only two months after your fiscal year-end by February 28, 2025.
If your fiscal year-end differs, adjust your deadlines accordingly to avoid penalties.
What Is the Penalty for Filing Taxes Late?
Five percent of the balance owing plus one percent for each month late.
Filing your small business taxes late can result in costly penalties. The CRA charges a late-filing penalty of five percent of the balance owing plus an additional one percent per month (up to 12 months).
If you repeatedly file late within a four-year period, the penalties increase to ten percent of the balance owing plus two percent per month.
Missing your tax deadline can be expensive, so staying on top of these dates is essential.
Sales Tax Deadlines in Canada (GST/HST/QST)
Due dates depend on your reporting period.
Your GST/HST return deadline depends on your sales tax reporting period, which you set when registering for your GST/HST account.
- Monthly: Filing and payment due one month after the reporting period ends
- Quarterly: Filing and payment due one month after the reporting period ends
- Annual: Filing and payment due three months after your fiscal year-end
For example, if your business files quarterly and your reporting period ends March 31, 2025, your filing and payment deadline is April 30, 2025.
Where can you find your reporting period? Log in to your CRA Business Account or call 1-800-959-5525 for assistance.
Other Important Deadlines for Small Businesses
Beyond income and sales tax, here are a few other key dates to keep in mind:
- T4, T4A, and T5 Slips Deadline: If you have employees, you must distribute and file T4, T4A, and T5 slips by February 28, 2025.
- RRSP Contribution Deadline: The RRSP contribution deadline for the 2024 tax year is February 28, 2025.
- TFSA Contribution Deadline: The deadline for TFSA contributions for 2024 is December 31, 2024, but any unused contribution room carries forward.
Meet Small Business Tax Deadlines with Accounting by Sal
Navigating tax deadlines and CRA requirements can be complex, but you do not have to do it alone.
Make tax season feel like a breeze with expert support from Accounting By Sal. Whether you need online bookkeeping services for small businesses, hands-on training, or strategic business mentorship, our team is here to help you gain clarity, confidence, and control over your accounting. We simplify tax season, so you don’t have to worry.
Get in touch today to ensure your books are tax-ready and avoid costly penalties.
