SCL Tax Newsletter Mar 2025 (Tax Instalment Reminder)

Friendly Tax Reminder – Because the Government Likes to Get Paid First 💸

Just a sober reality check—the 🇨🇦 government loves collecting taxes before you even file your return. Yes.. they want your 2025 taxes paid throughout 2025, even though you won’t file until 2026. If that doesn’t sit right with you, trust me, you’re not alone.

Who Needs to Care about this?

• 👩‍💼 Employed (T4 income)? Ignore this. Your employer is already taking care of it.

• 💼 Self-Employed (Sole Proprietor or Corporation)? Double check, please! If I’ve mentioned tax instalments for 2025, this is your friendly nudge to get those payments in— prescribed rates remain painfully high.

Key Deadlines to Remember:

• 📅 T1 (Personal Tax Instalments): first deadline is March 15, 2025

• 📅 T2 (Corporate Tax Instalments): Based on your fiscal year, but for most December 31st year-ends, the deadline is March 31, 2025.

• 📅 GST/HST Remittances: Also based on your tax year-end, but if you haven’t already paid, this month is a good time to do it.

Taxes might be annoying, but interest & penalties are way worse—so let’s keep the CRA off our backs and avoid unnecessary charges! 🚀 Not sure if you were supposed to remit? Reach out and double-check. If you don’t remember the amount—or if 2025 is shaping up to be wildly different from previous years—it might be time for a revised 2025 tax estimate. 🔍

How to pay CRA? 💸💸

There are many ways to remit payment to CRA but my recommendation would be to use your CRA My Account . Other resources available here: https://www.canada.ca/en/revenue-agency/services/payments/payments-cra/individual-payments/make-payment.html