The tax filing deadline for most Canadians this year was April 30, but there is still a bit more time given to individuals who are self-employed or have a spouse or common-law partner who is self-employed.
But the clock is ticking with just days to go, and it is critical to make sure that returns are filed on time and accurately, experts say.
“They get a bit of extra time (compared with individuals filing in April) just because it’s a little more involved preparing these returns … to calculate business income and do all the accounting,” says Ryan Minor, director of tax at Chartered Professional Accountants of Canada.
“The final payment is still due April 30. So in April, they should estimate the amount of taxes that are owing and send it in, even though the returns are due a little bit later.”
This means that although there are still a few days to submit the returns to the Canada Revenue Agency, the amount that may be owed would have still been due by April 30 of this year, and not paying or filing on time could mean significant fees on top of the original amount owed.
“The penalties (for missing a deadline) are horrendous — a five per cent penalty off the top for missing the deadline, and upward from there,” Minor says.
There are also a lot of areas that business owners and self-employed individuals may be overlooking, and filers need to be sure they cover all the necessary areas with time to spare.
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“Certain things are commonly missed, like a home office expense, automobile expenses, capital cost allowance, where businesses might buy equipment or what they (the CRA) call these ‘capital assets,’ there are expenses that have limitations like meals and entertainment, there’s so many rules,” Minor says.
As many self-employed individuals continue to crunch their numbers ahead of the deadline, the CRA is available to answer questions, but getting through can sometimes prove challenging.
“It takes hours to get through sometimes, and dropped calls…. Most of the complaints we hear are about are the individual inquiries lines, but I imagine on the business side they may have similar issues — especially if there’s cutbacks,” Minor says.
In May, the CRA said it planned to cut hundreds of positions, in addition to several other rounds of job cuts since last year, adding up to more than 3,000 job losses. This means there may be fewer staff members available to assist self-employed individuals with their returns in the days leading up to the filing deadline.
The deadline normally falls on June 15, although because that date falls on a Sunday this year, the deadline for 2025 moves ahead to Monday, June 16 by the end of the day.
Technical issues on the CRA’s website have also been reported this tax season, and may delay the filing process for some.
Minor says he counsels all individuals, including those who are self-employed or business owners, to hire a certified accountant where possible, but if filing alone, there is help available.
“The CRA offers what it calls a ‘liaison officer service.’ You can request a personalized visit in person, by phone or online, and the officer will help you understand your tax obligations, explain general bookkeeping, how to avoid common errors, give an overview of online tools, and essentially answer tax-related questions,” Minor says.
Given the tight timeline until the deadline, Minor says those hoping for the liaison service now are “not likely to get it, but for those starting out a business for the first time in 2025, this could be something for the future.”
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