As with every new year, 2019 has its own set of tax payment and filing deadlines that every taxpayer needs to know about. Below is a listing of significant dates and information that you will want to make note of.
Tax Installments
The General rule for instalments is that they are due on the 15th of March, June, September and December. If, however, the 15th falls on a weekend (Saturday or Sunday) you have until the following Monday to pay your installment.
As such, the 2019 Tax Installment deadlines are:
- Friday, March 15, 2019.
- Monday, June 17, 2019.
- Monday, September 16, 2019.
- Monday, December 16, 2019.
If your installment is $1,000 or greater you may be subject to an installment penalty if these amounts are paid late. For information on the installment penalty, visit the CRA Website.
Individual Tax Filing (Not Self-Employed)
For most individual taxpayers, the filing deadline for their 2018 tax return is Tuesday, April 30, 2019.
If you file your return late, you will be subject to a 5% penalty on unpaid taxes, plus 1% of unpaid taxes for each full month that the return is late, up to 12 months (12%). This could be higher if a return was filed late in any of the past three years.
Self Employed Individual Tax Filing
If you are self-employed, or your spouse is self-employed, the filing deadline is not until Monday, June 17, 2019.
Like non-self-employed individuals, you will be subject to a penalty of 5% on any unpaid taxes, plus 1% of unpaid taxes for each full month that the return is late, up to 12 months (12%). This could be higher if a return was filed late in any of the past three years.
Individual Tax Payment
The tax payment deadline for all individual taxpayers, including those who are self-employed and their spouses, is Tuesday, April 30, 2019. If you are late making a payment, you will be charged interest, compounded daily, starting May 1, 2019.
Final Tax Return for Deceased
If the deceased passed away between January 1 and October 31, 2018 their final tax return is due on Tuesday, April 30, 2019.
If they passed away between November 1 and December 31, 2018 their final return is due six months after the date of their passing.
Example: Deceased passed away November 17, 2018, return is due May 17, 2019.
Depending on the circumstances, if you file a deceased person’s return late, the return may be subject to a 5% penalty on unpaid taxes, plus 1% of unpaid taxes for each full month that the return is late, up to 12 months (12%). This could be higher if a return was filed late in any of the past three years.
Corporate Tax Returns
Corporations are required to file their tax returns no later than six months after their fiscal year end. If the last day of your six month period falls on a Saturday, Sunday or public holiday, you have until the following business day to file your return.
Examples:
- Year end is March 31, your tax return must be filed by September 30.
- Year end is August 31, your tax return must be filed by September 30.
- Year end is February 12, your tax return must be filed by August 12.
If you file your return late, you will be subject to a 5% penalty on unpaid taxes, plus 1% of unpaid taxes for each full month that the return is late, up to 12 months (12%). This could be higher if a return was filed late in any of the past three years.
Additional late fees could apply for large corporations required to file a T2 or Schedule 38. See the CRA Website for information on these late filing penalties.
For more information on upcoming deadlines and the filing of your tax return, contact us today!
