Tax Tips: What’s The Tax Filing Deadline: May 2 or June 15?

It’s really surprising how many people don’t know when the tax filing deadline is. CRA often mentions two dates: May 2 and June 15. Which is it for you? 

Unless you or your spouse are reporting income from an unincorporated small business, the answer is May 2 as the usual deadline date, April 30, is on a Saturday this year. That means, you will pay a late-filing penalty if you owe taxes and don’t file your return by midnight of May 2.

Filing a tax return is also mandatory if you are splitting pension income with your spouse, your spouse is claiming Family Tax Cut, or if you received Working Income Tax Benefits (WITB) advance payments and are applying for more this year.

You must file if you are repaying Old Age Security (OAS) or Employment Insurance (EI) benefits, or Home Buyer Plan (HBP) or Lifelong Learning Plan (LLP) amounts you withdrew from your RRSP. You must also file a tax return to report the disposition of capital property owned in Canada or abroad. And a Foreign Income Verification Form T1135 is required for people who have income from certain foreign-held properties, even if you don’t file a tax return. See a tax pro if you are unsure.

Additional Educational Resources: Family Tax Essentials by Evelyn Jacks and T1 Professional Tax Preparation - Basic course.

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