Deadlines:
Personal tax returns – Taxes and filing of the return are due the last day of April unless it falls on a weekend then it will be the first business day in May.
Sole proprietorship – Taxes are due the same day as the personal tax however, the actual return is due June 15th unless it falls on a weekend then it will be the first business day.
Corporations – Taxes are due 3 months and the tax return is due 6 months after the year-end date.
For deceased persons:
Final return – Taxes and filing of the final return are due depending on the timing of death. If the person passed from Jan 1st to Oct 31st then their taxes and tax return are due April 30th of the following year, the same as the normal personal tax returns. If the person passed from Nov 1st to Dec 31st then their taxes and tax return are due 6 months from the date of death.
Trust tax returns for a deceased – Taxes and filing of the return are due 90 days (3 months) after the wind up date. Any returns that extends beyond 3 years, are subject to a higher tax rate.
Penalties:
Penalties for late filing is 5% of the unpaid balance + 1% of the amount owing per month up to 12 months for personal taxes, while corporations incur a steeper penalty of 10% of the unpaid balance at the time of filing + 2% of the amount owning per month up to 20 months. All sources are from the CRA website and subject to change based on any updated information. This extract was taken Feb 6, 2019.