Key dates for Canada's tax season announced, missing them will result in fines!

This year's tax season is coming, here are the important dates and deadlines in Canada that you should mark on your calendar this year. The Canada Revenue Agency (CRA) states, "By filing and paying outstanding taxes on time, you will avoid penalties and interest for delayed filing

The first important date is Monday, February 24th.

CRA Netfile (Online Tax Reporting Service) will be open on the same day.

According to the Canada Revenue Agency, most taxpayers can use Netfile, but there are some restrictions.

The next key date is Friday, February 28th.

This is the last day for Canadian employers and the Canada Revenue Agency to issue employee T4, T4A, and T5 forms. You should receive these forms within a few days after the deadline.

March 3rd, Monday.

This is the deadline for RRSP contributions for the 2024 tax year.

RRSP contributions are tax deductible, which means your contributions can be deducted from income tax.

Image source: Piotr Swat/Shutterstock

If you are already feeling overwhelmed, Daily Hive discussed with an expert the best way to make tax reporting easier.

It is also helpful to understand the tax benefits that homeowners, families, and students should take advantage of, as well as the credits and deductions that Canadians can obtain to achieve greater returns.

Now, I hope you have prepared all the forms and declaration materials, it's time to submit your tax declaration before the deadline.

The two main tax deadlines in Canada this year are Wednesday, April 30th and Monday, June 16th.

April 30th is the tax filing deadline for all Canadians with permanent employment. You need to submit all taxes before this date, otherwise if you owe taxes to the Canada Revenue Agency, you may start to face penalties.

Due to the deadline of June 16th, self-employed Canadians have more time to file their taxes.

However, regardless of whether you are self-employed or not, any Canadian who owes taxes should pay them before April 30th.