Canada’s 2020 tax season: 4 things you need to know before you file

Let’s face it, online software and auto-fill features are making tax-filing less and less painful even for the do-it-yourselfers.

Still, whether you’re outsourcing the work to an algorithm or an accountant, it’s always a good idea to know when deadlines fall and what’s new every year.

Here’s our guide to the 2020 tax season:

1. When is the deadline to contribute to my RRSP?

Since March 1 falls on a Sunday this year, the cutoff this year is March 2.

Remember, you can put money into your registered retirement savings plan (RRSP) any time. But if you want to get a tax refund for your RRSP contribution with your 2019 return, you have to add the funds by the March deadline.

2. When’s the tax-filing deadline?

As usual, April 30 is the date most Canadians need to keep in mind. For the majority of tax filers, this is the deadline to both pay any tax due and file returns.

If you’re self-employed, this year you have until June 15 to file. Remember, though, that if you owe taxes, you still need to pay up by April 30.

If you’re late to either settle your balance or send in your paperwork, you’ll face late-filing penalty and daily interest charges on any taxes owed.

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