Canadian personal T1 tax returns are typically due by April 30 each year. While regular extensions apply in some cases, the 2025 spring filing season includes a few specific, temporary deadline adjustments that taxpayers should be aware of.
Trust tax returns
T3 trust tax returns are normally due on March 31. That deadline covers inter vivos (living) trusts created during a trustee’s lifetime and testamentary trusts established by a deceased person’s will. It also usually marks the filing deadline for trust-related slips tied to mutual funds and exchange-traded funds (ETFs) held in taxable investment accounts.
In early 2025, the Canada Revenue Agency (CRA) advised that some information reported on tax slips—primarily T3 slips and certain securities transaction slips that include book value—needed to be recalculated. This change followed a federal decision to delay enforcement of a proposed increase to the capital gains inclusion rate until at least January 1, 2026. Because the tax-slip calculations depended on the effective date of that proposal, administrators and financial institutions required extra time to update and reissue slips.
“As a result of the change to the effective date of the proposed capital gains inclusion rate increase, the information to be reported on certain tax slips—primarily the T3, T4PS, and T5008 (book value)—needs to be recalculated to ensure taxpayers receive accurate information.”
To reduce the risk of incorrect filings and unnecessary penalties, the CRA granted relief from late-filing penalties and interest for T3 trust returns that report capital dispositions until May 1, 2025. Practically, that extends the normal deadline for T3 returns that include capital gains or losses by one month plus one day. As a result, some investors who own mutual funds or ETFs in taxable accounts may not receive their T3 slips until after the usual April 30 deadline for T1 personal returns.
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Deadlines, tax tips and more
Personal tax returns
The temporary trust filing relief follows an earlier CRA announcement extending penalty and interest relief for certain T1 personal tax filers. In January, the CRA said individual filers who report capital dispositions would be eligible for relief from late-filing penalties and interest until June 2, 2025.
Many tax slips issued by financial institutions are arriving late this season, and some documents have been slow to appear in CRA online accounts. Those delays are likely to produce a surge of last-minute filings in late April and a T1 filing season that extends into May for many taxpayers and tax preparers. The situation echoes some of the filing confusion seen in recent years with other special-return requirements.
Associated forms and elections
Certain forms and formal elections that normally accompany a tax return are subject to the same filing rules and deadlines. A commonly required form is the T1135 Foreign Income Verification Statement, which reports foreign property when the cost amount exceeds CAD$100,000. Penalties for filing Form T1135 late can be severe: the standard penalty is $10 per day up to a maximum of $2,500, with a minimum penalty of $100 in many cases.
The CRA has clarified that the temporary relief extends to forms and elections normally submitted with T1 and T3 returns (for example, foreign reporting forms such as the T1135). Specifically, relief for impacted T1 individual filers runs until June 2, 2025, while relief for impacted T3 trust filers runs until May 1, 2025. The June 2 date reflects the customary adjustment when a May 31 deadline falls on a weekend and is moved to the next business day.
Returns for self-employed Canadians
Self-employed taxpayers, including sole proprietors and partners, and their spouses or common-law partners have an annual filing extension that typically runs until June 15. In 2025, June 15 falls on a weekend, so the practical deadline for self-employed T1 filers is Monday, June 16, 2025.
Tax relief and support for corporations
In March 2025 the federal government announced temporary support measures for Canadian businesses responding to developments in U.S. trade policy. As part of that package, the CRA will provide short-term cash-flow relief for corporations and GST/HST registrants:
- Defer GST/HST remittances and corporate income tax payments that would otherwise be due between April 2 and June 30, 2025.
- Waive interest on GST/HST and T2 corporate income tax instalment and arrears payments required during the April 2–June 30, 2025 period.
- Provide interest relief on existing GST/HST and T2 balances for the same April 2–June 30 window.
Importantly, this support applies to payments—not to the obligation to file. Corporations must still submit required filings by their regular deadlines. The relief is broadly available; businesses do not need to demonstrate tariff-related impacts or financial hardship to qualify. Interest will resume and begin accumulating on unpaid balances starting July 1, 2025.
Recap on 2024 deadlines and extensions
While April 30 remains the standard deadline for most individual taxpayers, some people are eligible for routine extensions and others benefit from the temporary relief announced for 2025. The special extensions this season stem from the capital gains inclusion rate uncertainty and the federal relief measures for businesses.
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Further reading on taxes
- How the federal election affects your finances
- Canada’s income tax brackets for 2024
- Tax guide for Canadian expats
- How to reduce capital gains tax with RRSP contributions