Your Tax Deadline Checklist

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Your Tax Deadline Checklist

Apr 9 2025

The tax deadline is fast approaching, and now is the time to make sure you have everything covered for a smooth and easy experience. This blog will highlight the key things to remember as you prepare to file by April 30.

Let’s get started!

1. Gathering Essential Documents

One of the first steps in preparing your tax return is ensuring you have all the necessary documents ready to go. This is the easiest and most efficient step towards ensuring nothing is missed.

Start by collecting your:

T4 & T5 slips

Any other income-related documents

Receipt records

RRSP & TFSA contribution receipts

Having everything in one place will make it easier to maximize your deductions and credits—and avoid missing anything important.

2. Fully Understand Deadlines

A crucial part of any tax checklist is understanding the deadlines—and the consequences of missing them.

As mentioned, the general tax deadline is April 30. However, if you’re self-employed, you have until June 15 to file—but any taxes owed are still due by April 30. Failing to pay on time can result in both interest and penalties.

Think a few days won’t matter? The interest is compounded daily, meaning charges can add up quickly. The same rule applies to businesses, which must file and pay by deadlines based on their fiscal year-end.

3. Stay Updated on Tax Law Changes

Tax laws can change from year to year, and even small updates can impact your return. Adjustments to deduction limits, tax credits, or income thresholds may affect how much you owe or what you can claim. Staying informed ensures you’re taking full advantage of available benefits and avoiding surprises when you file.

If you’re unsure how these updates apply to you, our experts are here to help guide you through the process and ensure you’re not leaving money on the table.

4. Multiple Sources of Income?

Tax filing can get more complex when you have multiple income streams—like freelance work, side gigs, rental properties, or a small business. But with a little organization, it’s manageable.

Here’s what to do:

Keep Accurate Records
Track all earnings and expenses. Organized invoices, receipts, and bank statements are key—especially for freelancers and small business owners.

Separate Your Income Streams
If you have a side hustle or freelance business, consider opening a separate bank account for business-related transactions.

Claim All Eligible Deductions
You may be able to deduct home office expenses, professional development, vehicle use, and equipment purchases.

Report All Income Sources
Report everything—including cash payments or income through non-traditional platforms. It all needs to be declared.

Not sure what applies to you? Our team is here to help ensure you’re filing correctly and maximizing every deduction.

We’re Here to Help

Need assistance filing your taxes or have questions about deadlines? Our Chartered Professional Accountants are ready to guide you through it all.

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