View source for Taxes London Ontario: Deadlines and Important Dates 52834

<html><p> Tax season in London, Ontario is less about the forms and more about timing. Most penalties and headaches I see in practice come from missed dates, not from complicated calculations. If you live, work, or run a business in the Forest City, you have a specific calendar to respect, and it differs depending on whether you are an employee, a sole proprietor, a rental owner, or a corporation filing with a fiscal year-end that doesn’t match the calendar year. Get the dates right, and the rest of your tax preparation London Ontario work becomes manageable.</p> <h2> The core calendar for individuals in London</h2> <p> The two pillars for personal income tax London Ontario are filing due dates and payment due dates. They are not always the same, which trips up a lot of people.</p> <p> For most individuals, the filing deadline for the 2024 tax year (returns filed in 2025) is April 30. If you or your spouse or common-law partner had self-employment income, you have until June 15 to file, but any balance owing is still due by April 30. Canada Revenue Agency interest starts the next day. That distinction matters if cash flow is tight. You can file by June 15, but if you wait to pay until then, you will owe interest from May onward.</p> <p> In practice, many people in London aim for mid-April. That gives room to chase a missing T5 or T4A from a bank, credit union, or client. If you move late in the year, update your address with CRA early. Mail forwarding won’t cover everything, and slips sometimes arrive as late as March. When filing through a local tax service or a London ON accountant, expect a cutoff date for guaranteed on-time filing. For our office, it is usually the second week of April, earlier if you have investment K-1 equivalents (T5013s) or US slips, because cross-border adds review time.</p> <h3> What happens if you miss the deadline</h3> <p> Late-filing penalties start at 5 percent of the balance owing, plus 1 percent per full month late, up to 12 months. If CRA has charged you a late-filing penalty in the last three taxation years and issued a formal demand to file, the repeated failure penalty can jump to 10 percent plus 2 percent per month up to 20 months. People underestimate how quickly this adds up. A $4,000 balance paid three months late can trigger a penalty in the $280 to $400 range, plus interest, which accrues daily and compounds.</p> <p> If you expect a refund, there is no penalty for filing late, though interest on the refund only starts if CRA delays beyond normal processing times. Still, delay can jeopardize benefits like the Canada Child Benefit or GST/HST credit, which require up-to-date returns to continue.</p> <h2> RRSPs, TFSAs, and how contributions fit into the timeline</h2> <p> RRSP contributions made in the first 60 days of the following calendar year can be designated toward the previous tax year. That window usually ends on March 1 or March 2, depending on weekends. For 2024 tax year returns, the RRSP deadline is expected to land on March 1, 2025 if it is a business day. Your RRSP room sits on your latest Notice of Assessment. Overcontributions up to $2,000 occur often and are not taxed, but anything beyond that attracts a 1 percent per month penalty. If you are self-employed or have variable income, consider making contributions in smaller increments rather than a single large transfer in late February when the phones at every tax accountant near me listing in London will be ringing nonstop.</p> <p> TFSA contributions do not affect your tax return, but TFSAs generate slips if there is a withdrawal that triggers re-contribution room in the following calendar year, and non-resident contributions cause penalties. I raise this because London has a sizable population of international students and new Canadians who move in and out of residency. If you change residency status mid-year, ask your accountant London Ontario to mark the exact date in your file. It affects TFSA eligibility and provincial credits.</p> <h2> The seasonal rhythm in London: what tax documents arrive when</h2> <p> Most T4 employment slips arrive by the end of February. Investment slips are staggered. T5 bank interest slips typically appear between late February and early March. T3 trust and mutual fund slips commonly arrive in March. T5018s for construction subcontractors can show up at varying times depending on the payer. If you are a tradesperson subcontracting on jobs around London and the 401 corridor, keep an eye on these. It isn’t rare for a T5018 to show in late March, which can force a delay if you file too early.</p> <p> Here is a practical rhythm we use with clients around taxes London Ontario. We tell salaried clients with banking at major institutions to expect about 80 percent of their slips by the first week of March and the rest by mid-March. If something is missing after March 15, we follow up or, if necessary, use CRA’s My Account to download slips directly. That portal is a lifesaver, but it doesn’t always populate everything until late March. Do not rely on it exclusively, especially for private pensions, scholarships, or smaller investment firms.</p> <h2> Installments and interest: a frequent surprise</h2> <p> If your 2024 balance owing was $3,000 or more and your 2023 return showed a similar net tax owing, CRA may require quarterly installments for 2025. Many London taxpayers learn this when a brown envelope shows up in August with a reminder. The installment dates for individuals are March 15, June 15, September 15, and December 15. The system is not punitive if you manage it deliberately. You can pay the suggested amounts, pay based on your current-year estimate, or use a prior-year method. The risk in using a lower current-year estimate is the interest if you end up short.</p> <p> Two points of field wisdom:</p> <ul>  Quarterly installment interest is calculated separately from filing penalties. Even if you file on time, if you underpay installments materially, you can owe non-deductible interest. Paying early within the quarter reduces interest cost. For seasonal workers in London’s hospitality, construction, or agri-food sectors, aligning installments with stronger cash months helps. </ul> <h2> Self-employed in London: June filing, April payment, and bookkeeping reality</h2> <p> The June 15 filing date gives breathing room for sole proprietors, but this grace period assumes your bookkeeping is in shape. In our practice, bookkeeping London Ontario work becomes the bottleneck, not the tax return itself. Sales invoices, expense receipts, mileage logs, HST figures, and subcontractor payments need reconciliation. If you collect HST, your HST return schedule interacts with your income tax, especially if you claim the Quick Method. The HST filing frequency depends on revenue, but many sole proprietors in London fall into annual filing with quarterly installments or quarterly filing with monthly installments.</p> <p> If you use accounting software, reconcile bank and credit card accounts monthly and lock the periods. For those who prefer spreadsheets or paper, at minimum sort receipts by month and by payment method. The time you invest before handing files to a corporate tax accountant London or a local tax service matters. A clean set of books lowers your prep bill and reduces the risk of missing expenses. We regularly see 5 to 10 percent improvement in net after-tax income when clients move from shoebox records to a simple cloud ledger with bank feeds.</p> <h2> Corporate deadlines in London: filing, payment, and the fiscal year chessboard</h2> <p> Corporations operate on fiscal years, not calendar years, and this is where many owner-managers stumble. A corporation’s T2 return is due six months after its fiscal year-end. Taxes are due two or three months after year-end, depending on whether the corporation is a Canadian-controlled private corporation (CCPC) eligible for the small business deduction and whether its taxable income exceeds the small business threshold.</p> <p> A common setup: a London-based CCPC with a July 31 year-end. The filing due date is January 31. The balance of corporate income tax is due by September 30 if the company qualifies for the three-month balance due rule, otherwise by September 30 or October 31 depending on circumstances. Monthly or quarterly installment requirements apply in the following year based on prior-year tax. Mixing and matching fiscal year-ends with seasonal revenue can be smart. For example, a landscaping company with peak revenue May through September often chooses an October or November year-end to spread the work and cash out dividends later in the winter.</p> <p> Two recurring pain points in corporate tax in London:</p> <ul>  Late corporate returns trigger a 5 percent penalty on the unpaid tax plus 1 percent per month, and if habitual, the penalty doubles. If you owe nothing, there is no balance-based penalty, but repeated late filing invites scrutiny and can delay loss carryback or SR&ED claims. HST and payroll are separate systems with their own due dates. Missing them creates compounding problems. </ul> <h2> Payroll dates that employers cannot miss</h2> <p> If you operate a payroll in London, you face a tight remittance schedule. New or small remitters generally pay monthly by the 15th of the following month. As payroll grows, you may be promoted to accelerated remitter status with due dates on the 10th and 25th or even four times per month for the largest remitters. T4 slips and the T4 Summary for the calendar year must be filed by the last day of February. Penalties for late T4s are per-slip and escalate quickly.</p> <p> Practical London-specific note: statutory holiday timing and winter storms can disrupt payroll processing. Plan remittances two to three business days earlier if banking online through smaller credit unions or if using manual submissions. Most payroll services London meet CRA cutoffs, but only if you approve payroll on time. If you change banks or switch software mid-year, your payroll account numbers and remittance templates must be updated that same week. We have seen clients make perfect pay runs but send the money to an old account setup, which CRA treats as late until traced.</p> <h2> HST cycles in London and why year-end alignment matters</h2> <p> HST filing frequency is based on annual taxable supplies. Many small businesses in the city file annually, some quarterly. The filing deadline for annual HST filers with a December 31 reporting period is generally three months after period end, so March 31. Payment due dates mirror filing deadlines. Quarterly filers usually have one month after quarter end to file and pay. Late HST filings can block your access to input tax credits until CRA processes the late return, which pinches cash if you carry significant ITCs, for example, retailers with heavy inventory purchases before the Western Fair fall season or during holiday stock-ups.</p> <p> Aligning your HST period with your corporate fiscal year simplifies reconciliation, but it is not mandatory. If you inherited a messy setup, talk to an accountant London to realign at the next opportunity. Simplification saves time and lowers the chance of missing a quarter.</p> <h2> Property tax in London is not income tax, but the dates still matter</h2> <p> The City of London issues interim and final property tax bills each year, typically with installment dates in March, April, May, and then again in July, August, September. Many residents use the pre-authorized payment plan. While property tax is municipal, not CRA, late payment can impact mortgage conditions and cash reserves right before personal tax and HST deadlines. Coordinate these schedules if you are self-employed and your spring income is variable. For landlords, property tax receipts relate to rental expense claims on the T776. Keep the city statements with your files and make sure they map to the correct property if you own more than one unit.</p> <h2> Students, newcomers, and retirees: timing quirks in London</h2> <p> Western University and Fanshawe College anchor a large student population. Scholarship and bursary slips (T4A) often arrive late. Students with part-time jobs around Richmond Row or in the tech parks should watch for T4s from multiple small employers that may use different payroll systems. Filing early without the T4A can cause a mismatch when CRA later receives it electronically. If you qualify for <a href="https://remote-wiki.win/index.php/Payroll_Services_London:_Managing_T4s_and_T5s_Accurately">professional income tax assistance London ON</a> the tuition tax credit, you need the T2202 form. Universities sometimes post these in late February. Plan to file in March once the T2202 is available in your student portal.</p> <p> Newcomers to Canada who settle in London mid-year face residency start-date questions. Benefits and <a href="https://future-wiki.win/index.php/Taxes_London_Ontario:_How_to_Prepare_for_a_CRA_Audit_93177">reputable accounting firm in London</a> credits pro-rate from that date. If you have foreign income before arrival, it usually stays outside Canadian tax, but investment income after arrival is taxable. Keep a simple arrival memo in your files: the exact date, flight, and first residential address. When working with accounting firms London Ontario that handle cross-border files, that memo will save time and reduce follow-up.</p> <p> Retirees in London who transition to CPP and OAS see T4A(P) and T4A(OAS) slips in February. If you start RRIF withdrawals, ensure your financial institution made the first minimum payment by December 31, or you risk catch-up withdrawals the next year. For pension splitting, both spouses need to sign the T1032, and your tax preparer will time this with other slips. Pension splitting does not change <a href="https://wiki-saloon.win/index.php/Tax_Preparation_London_Ontario:_Digital_vs._In-Person_Appointments_71629">affordable estate planning London</a> the filing deadline, but it can affect installment requirements if one spouse begins to owe tax due to allocations.</p> <h2> When the unexpected happens: audits, reviews, and notices</h2> <p> CRA conducts pre- and post-assessment reviews, often between March and July for individuals, and throughout the year for businesses. Common requests in London include medical receipts, moving expenses for those who relocated to or from the city, and charitable donations to local organizations. If you receive a review letter, the deadline to respond is usually 30 days. Do not ignore it. If you cannot gather documents in time, call the number on the letter for an extension. CRA agents are generally reasonable if contacted before the deadline.</p> <p> For businesses, payroll reviews can happen after a year-end or when there is a mismatch between T4 totals and the T4 Summary. Sales tax reviews focus on input tax credits and zero-rated supplies. Keep documentation in a consistent format, ideally scans indexed by vendor and month. A good corporate tax accountant London will set you up with a simple folder structure and a naming convention. Consistency beats fancy tools.</p> <h2> Realistic month-by-month plan for individuals and small businesses</h2> <p> January: request missing slips. Update addresses with CRA and ServiceOntario if you moved. For businesses, reconcile December books, record year-end inventory counts, and lock the year if possible.</p> <p> February: expect employment and pension slips. Students should check tuition portals. Employers prepare T4s by the last day of the month. Review installment reminders if you received any.</p> <p> March: track T3 <a href="https://high-wiki.win/index.php/Accounting_Firms_London_Ontario:_Comparing_Your_Options">accounting help near me</a> and T5013 slips that arrive later. Make RRSP contributions before the early-March deadline. Annual HST filers with December year-ends should file by March 31.</p> <p> April: prioritize personal returns with balances owing. April 30 is the payment deadline. Businesses with March quarter-ends prepare HST filings by the end of April. Watch cash flow as property tax installments may also land in this window.</p> <p> May: if self-employed, use this month to clean up books and confirm HST filings. Respond to any CRA review letters that reference your February and March filings.</p> <p> June: June 15 is the self-employed filing deadline. Also a quarterly installment date for those on installment schedules. For employers, summer hiring often starts now, so register payroll accounts early if you are expanding.</p> <p> July and August: many Londoners travel. Do not miss HST or payroll remittances. If you receive CRA review letters, set calendar reminders to respond before their deadlines. Corporations with December 31 year-ends have T2 filing due by the end of June, so July is already late.</p> <p> September: quarterly installments due September 15. Retailers begin ramp-up for fall events. Plan inventory purchases with HST timing in mind.</p> <p> October and November: align corporate year-end planning. Consider tax-efficient bonuses and dividends before your fiscal year closes. Review RRSP room and TFSA room in light of year-to-date income.</p> <p> December: finalize payroll year-end items, charitable donations, and capital gains planning. For individuals, realize capital losses before the settlement deadline if offsetting gains. Remember that settlement is trade date plus two business days, so do not leave trades for December 31.</p> <h2> Working with tax services London Ontario: what actually helps</h2> <p> When people search accounting firms near me in London in late March, they often bring envelopes of mixed documents. Here’s what consistently makes a difference for accuracy and turnaround time:</p> <ul>  Provide all tax slips together and label anomalies, such as one-time severance or moving benefits. A short note in plain language helps your London ON accountant ask the right questions quickly. Include prior-year Notice of Assessment and installment summaries. These numbers confirm RRSP room and carryforward amounts without guesswork. </ul> <p> That short list saves hours. A reputable tax accountant London Ontario will also flag anything missing using CRA’s Auto-fill My Return, but do not assume it captures all slips, especially for smaller investment dealers or scholarship income.</p> <p> For small businesses, you will get more value from an accountant when you provide:</p> <ul>  A bank reconciliation, the year-end bank statement, and a clean trial balance if you use software. If you do not, at least provide a list of accounts receivable and accounts payable at year-end. </ul> <p> These two compact deliverables reduce the time your accountant spends reconstructing transactions and increase the time spent on tax planning.</p> <h2> Penalties, interest, and voluntary disclosure: knowing when to act</h2> <p> If you discover a missed return or unreported income from prior years, act before CRA contacts you. The Voluntary Disclosures Program can waive penalties and reduce interest if you come forward first with a complete disclosure. This applies to unfiled T1s, T2s, HST, and payroll. The program requires that the information is at least one year past due or involves a penalty, and that CRA has not already contacted you about it. In London, we see this most often with rental income that started small and grew, or with foreign assets exceeding the T1135 threshold that went unreported. Your accountant can assess whether a disclosure is warranted and how to structure it.</p> <h2> Choosing the right help in London: what to look for</h2> <p> The best fit is rarely the biggest firm or the cheapest preparer. It is the team that understands your mix of income and your deadlines. If you are a contractor with fluctuating income, you want someone who will coach you on installments and HST cash flow. If you are a dentist running a professional corporation, you need advice on salary versus dividends and RRSP versus IPP timing. If you run payroll for a small shop in Old East Village, you need a responsive partner for CRA queries. Ask prospective accounting firms London Ontario about turnaround times in March, who answers CRA letters, and whether they offer bookkeeping London Ontario support in-house or through a vetted partner. Being able to solve payroll services London issues on the same day has more real-world value than a marginally lower fee.</p> <h2> A quick reference to anchor your planning</h2> <ul>  Personal tax filing deadline for most individuals: April 30. Self-employed filing deadline: June 15. Payment deadline for all: April 30. RRSP contribution deadline for prior year: first 60 days of the new year, typically March 1. Individual installment due dates when required: March 15, June 15, September 15, December 15. T4 slips due to employees and CRA: last day of February. HST due dates: depend on filing frequency, commonly one month after period end for quarterly filers, three months for annual. Corporate returns: T2 filing due six months after fiscal year-end. Corporate tax balances often due two or three months after year-end, depending on status. </ul> <p> These are federal and provincial norms, and they apply equally to taxpayers in London. What changes at the local level is the pattern of your cash flows, your industry seasonality, and the availability of support during peak weeks. That is where a practical relationship with a tax preparation London Ontario professional earns its keep.</p> <h2> Final thoughts from the trenches</h2> <p> The calendar is the quiet backbone of tax compliance. Most of the pain I see is preventable with two habits: schedule reminders earlier than you think you need, and align your bookkeeping cadence with your deadlines. If you are behind, do <a href="https://wiki-stock.win/index.php/Tax_Services_London_Ontario:_Student_Tax_Filing_Essentials_89847">best accountants in London</a> not wait for the perfect moment or a quieter month. Start with the next due date. Gather what you have, get a realistic list from a London ON accountant, and chip away. Taxes reward momentum more than perfection.</p> <p> Whether you are searching for a tax accountant near me to handle a straightforward return or need a corporate tax accountant London to coordinate HST, payroll, and year-end filings, the same truth holds. The earlier you bring your numbers into focus, the more room you have for decisions that save money, reduce stress, and keep you out of penalty territory. And in a city where winter likes to surprise and construction seasons run hot, building that buffer into your tax calendar is not a luxury, it is the plan.</p><p>DKAJ Tax & Financial - Tax Services London Ontario

553 Southdale Rd E Suite 102, London, ON N6E 3V9
(226) 700-1185
WQR5+J4 London, Ontario
Tax preparation service, Accounting firm, Tax preparation

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