Updated Checked by the Tax-Services.ca editorial team How we check
Most tax questions in Canada come down to a handful of dates, limits and rules. Your return is due April 30 (June 15 if you’re self-employed), what you owe is still due April 30, and lateness with tax owing adds a penalty that grows monthly. Here are the answers to what people ask most.
When are my taxes due?
April 30 for most people. If you’re self-employed, the filing date moves to June 15, but the payment date does not. Pay by April 30 or you’re late, even though you have extra weeks to file, and that catches out plenty of people who assume the later date covers the bill as well as the paperwork.
The CRA spells this out on its filing due dates page, where the example is the 2025 return:
However, if you have a balance owing for 2025, you must pay it on or before April 30, 2026.
Filing due dates for the 2025 tax return, canada.ca
The same pattern repeats every year, so check that page for the dates that apply to your next return.
| Question | Answer |
|---|---|
| Filing due date, most people | April 30 |
| Filing due date, self-employed | June 15 (payment still April 30) |
| Late-filing penalty with a balance owing | 5%, then 1% a month, 12 months at most |
| Penalty if you were penalized in the last 3 years | 10%, then 2% a month, 20 months at most |
| How long to keep records | 6 years from the end of the year they relate to |
| RRSP limit, 2026 | $33,810 (18% of earned income, less pension adjustment) |
| TFSA limit, 2026 | $7,000 |
Will I get a refund or owe tax?
Compare what was withheld from your pay with the tax you owe for the year. Suppose you earn $60,000 in Ontario. The tax refund calculator puts your income tax at $8,320.50. If your employer withheld $9,000, you get $679.50 back. If only $7,000 was withheld, you owe $1,320.50.
That’s an estimate under 2026 rules. It counts the basic personal amount, the Canada employment amount and CPP or EI credits, and nothing else. A refund isn’t a gift from the government, either. It’s your own money that was taken from your paycheque a bit early.
What would lateness cost on that $1,320.50 balance? File three full months late and the penalty is 5%, about $66, plus 1% for each of the three months, about $40. That’s roughly $106 before interest. Pay on time and you skip it. That is a steep price for a few weeks of putting the envelope off, so file on time even if you can’t pay the whole balance yet.
How much tax do I pay on my income?
Tax rises in steps, so your last dollars are taxed more than your first. On $85,000 of employment income in Ontario, the income tax calculator shows $15,551.05 of federal and Ontario tax, an average of 18.3%. Tax on your next dollar is another figure. The marginal tax rate calculator gives it. Long answer, short version: average rate and marginal rate are not the same thing.
Here’s why it matters. If Sam in Calgary gets a $2,000 bonus, the extra tax on it is worked out at the marginal rate, not the average one, which is why a bonus cheque can look smaller than you hoped. The tax is trued up when you file, though, so it isn’t lost.
Deduction or credit, which saves more?
A deduction shrinks the income tax is figured on, so it saves at your top rate. A federal credit knocks the tax itself down, worth 14% of the amount for 2026. Provinces add their own credits.
The tax deductions and credits calculator covers the federal side only. Your province’s credits aren’t included, so real savings will be a bit higher. An RRSP contribution is the common deduction, and the RRSP calculator shows how it grows.
Do I have to pay tax in instalments?
Possibly, if you’re self-employed or have income with no tax withheld. Our instalments calculator uses a threshold of $3,000 in net tax owing. For example, $9,000 expected for the year means four payments of $2,250, due March 15, June 15, September 15 and December 15.
What if I can’t pay what I owe?
File on time anyway. The penalty for late filing is based on the balance owing, so sending in the return by the deadline keeps that part off the table even if the payment has to wait. Interest still builds on an unpaid balance, so pay what you can as soon as you can, and ask the CRA about a payment arrangement if the full amount is out of reach.
Mistakes that catch people out
- Filing on the extended June 15 date and forgetting the April 30 payment.
- Throwing out receipts before six years are up.
- Assuming a low tax line on a pay stub is your final tax.
- Treating any online calculator as the CRA’s answer. Ours are estimates.
Which question isn’t here? The CRA’s own website is the place to confirm anything specific to you, and its phone lines can look at your file, which we can’t.
Sources, and how we checked them
Due dates and penalties come from the Canada Revenue Agency‘s pages on important dates and late-filing penalties. Record keeping is from its business records page. Limits and example figures come from the 2026 federal and Ontario data used by this site’s calculators. We aren’t a government service and we don’t speak for one.
Frequently asked questions
When is the tax deadline in Canada?
April 30 for most people. If you're self-employed, the filing date is June 15, but payment is still due April 30.
What is the penalty for filing late?
If you owe tax, it starts at 5% of the balance and grows 1% a month for up to a year. It is higher after a penalty in the last three years.
How long should I keep tax records?
Six years from the end of the year they relate to.
Why did I owe tax when I usually get a refund?
Tax withheld from pay may have been lower than the tax owed. On $60,000 in Ontario, $7,000 withheld leaves $1,320.50 owing, while $9,000 gives a $679.50 refund.
Deduction or credit, which is worth more?
Deductions come off income, so they save at your top rate. A federal credit cuts the tax itself, at 14% of the amount for 2026.
- How Canadian income tax works: brackets and credits
How federal and provincial Canadian income tax stack up, what marginal and average rates mean, and how credits and deductions change your bill