These are some of the applicable deadlines: March 3, 2025 – deadline for RRSP contributions for 2024. February 28, 2025 – T4 and T5 slips have to be issued March 15, 2025 – deadline for first Canadian tax instalments for 2025. March 31, 2025 – deadline for trust returns March 31, 2025 – T3 slips…
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Prescribed interest rates
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Oct. 15 deadline for extension filers is around the corner
The extension deadline to file taxes is less than two weeks away. Most taxpayers who requested an extension to file their 2024 tax return must file by Wednesday, Oct. 15, to avoid a penalty for filing late. The IRS encourages taxpayers to opt for the fastest and safest option which is to e-file and choose…
Good tax policies go hand in hand with good economic policies — we need both
My latest Financial Post article discusses tax reform and the importance to improve how Canada develops tax policy: “One of the things I enjoy is hanging out with tax geeks like me who have a similar passion to see Canada’s tax system improved. Last week, I attended the Canadian Tax Foundation’s Tax Policy Symposium in…
IRS Quarterly interest rates
IRS sets and publishes current and prior years interest rates quarterly for individuals and businesses to calculate interest on underpayment and overpayment balances. To get the latest information on interest rates sent to your email, subscribe to the IRS Newswire with e-News subscriptions. On this page Current year 2025 quarterly interest rates Prior years quarterly interest…
Interest rates for the fourth calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2025 to December 31, 2025. Income tax The interest rate charged on overdue taxes, Canada…
Made a mistake on your taxes? Upcoming changes to the Voluntary Disclosures Program
September 10, 2025 Ottawa, Ontario Canada Revenue Agency The Canada Revenue Agency (CRA) is committed to helping taxpayers correct their past tax mistakes. The Voluntary Disclosures Program (VDP) allows for well-intentioned taxpayers to voluntarily correct their tax affairs and receive some financial relief. On October 1, 2025, changes to the VDP will come into effect. These changes will…
IRS reminds taxpayers to access or create an IRS Online Account today
Issue Number: IR-2025-43 Inside This Issue IRS reminds taxpayers to access or create an IRS Online Account today WASHINGTON – The Internal Revenue Service reminds taxpayers that it’s not too late to access or create an individual IRS Online Account. An IRS Online Account makes it easy for people to quickly get the tax…
Reminder to those who owe: Payment plan options are available
Issue Number: IR-2025-40 Inside This Issue Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there…
IRS reminder to U.S. taxpayers living, working abroad: File 2024 tax return by June 16
WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working abroad that they have until Monday, June 16, 2025, to file their 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. In general, on the regular…
Direct deposit changes impacting EFILERS and taxpayers
March 21, 2025 Ottawa, Ontario Canada Revenue Agency The confidence and trust that individuals and businesses have in the CRA is a cornerstone of Canada’s tax system. The CRA regularly adjusts and improves its systems and processes to safeguard sensitive information against ever evolving threats to its digital services. To support our ongoing efforts to…
US Interest rates remain the same for the second quarter of 2025
Issue Number: IR-2025-29 Inside This Issue Interest rates remain the same for the second quarter of 2025 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here…