Every April, freelancers across Canada go through the same ritual: digging through bank statements, hunting for receipts, and wondering how much they actually owe. It doesn’t have to be like this.
The freelancers who breeze through tax season aren’t smarter or more organized by nature. They just start earlier. If you spread the work across several months instead of cramming it into one panicked weekend, filing becomes straightforward.
This month-by-month checklist takes you from October all the way through your June 15 filing deadline.
October-November: Take Stock of Where You Stand
This is your early warning system. You still have two months left in the tax year, which means you still have time to make moves that lower your bill.
Review your year-to-date income. Pull together every source: client invoices, platform payouts (Upwork, Fiverr, Etsy), affiliate income, interest. If you’re using Accountly, this is already tracked for you. If not, go through your bank and PayPal statements line by line.
Estimate your total annual income. Take what you’ve earned through October and project forward. Do you have contracts or recurring clients that will pay in November and December? Add those in. This estimate drives everything else.
Check your RRSP contribution room. Log into your CRA My Account and look at your available RRSP room. If you have room and cash to spare, an RRSP contribution before the March deadline will directly reduce your taxable income. The earlier you know the number, the more time you have to plan. For a deeper look at how RRSPs work for self-employed Canadians, see our RRSP guide for the self-employed.
Review your tax set-aside percentage. If your income is higher than expected, you may need to bump up the percentage you’re saving for taxes. Better to adjust now than face a shortfall in April.
December: Make Strategic Year-End Moves
December is your last chance to reduce your tax bill for the current year. Any business expense incurred before December 31 counts against this year’s income.
Make planned purchases. That laptop, monitor, software subscription, or office furniture you’ve been putting off? Buy it before year-end. These are deductible business expenses that reduce your net income on your T2125.
Prepay annual subscriptions. If you pay for tools annually (design software, project management, cloud storage), renewing before December 31 lets you claim the full amount this tax year.
Review your GST/HST situation. If you’re approaching or have passed the $30,000 threshold, check whether you need to register for GST/HST. If you’re already registered, confirm your filing frequency (annual, quarterly) and note when your next return is due.
Confirm your quarterly installment payments are up to date. If the CRA required you to pay installments, make sure your September and December payments went through. Missing installments triggers interest charges.
January: Gather Your Documents
The tax year is closed. Now you’re collecting everything you need to file.
Wait for tax slips. Issuers have until the end of February to send T4As, T5s, and other slips. But some arrive in January. Start a folder (physical or digital) and drop them in as they come.
Download platform income statements. Freelance platforms, payment processors (Stripe, PayPal), and marketplaces often publish annual summaries in January. Download them before they get buried in your inbox.
Pull your bank and credit card statements. Download all 12 months for every account you used for business. You’ll need these to cross-reference income and catch expenses you forgot to track.
Request any missing invoices. If you did work for a client and can’t find the invoice or payment confirmation, ask now. Don’t wait until March when everyone is busy.
February: Organize and Calculate
This is the month where you turn a pile of documents into actual numbers.
Sort expenses by category. The T2125 has specific categories: advertising, meals and entertainment (50%), office supplies, professional fees, rent, utilities, and more. Go through your expenses and assign each one to a category.
Calculate your home office deduction. Measure your workspace, calculate the percentage of your home it occupies, and apply that percentage to your rent/mortgage interest, utilities, insurance, and property tax. The CRA allows two methods: the detailed method (actual expenses proportioned by square footage) and the simplified method ($2/day, up to $500). For most freelancers with a dedicated office, the detailed method yields a larger deduction.
Finalize your mileage log. If you drove for business this year, your log needs the date, destination, purpose, and kilometres for each trip. The CRA’s per-kilometre rates for 2025 are $0.72/km for the first 5,000 km and $0.66/km after that. No log means no deduction. For the full breakdown, read our vehicle expenses guide.
Confirm all tax slips have arrived. By the end of February, you should have your T4As, T5s, T3s, and RRSP contribution receipts. Cross-check against your income sources. If anything is missing, follow up with the issuer.
March: RRSP Deadline and Final Prep
March is when the real filing prep happens. Two critical deadlines land here.
RRSP contribution deadline: March 2. Any RRSP contribution made by this date counts against the previous tax year. If you have contribution room and want to reduce your taxable income, this is your last chance. Check your RRSP strategy to make sure you’re contributing the right amount.
Finalize all deductions. Go through your expense categories one more time. Did you miss any subscriptions? Professional memberships? Insurance premiums? Conference fees? Every deduction you miss is money left on the table.
Prepare your T2125 (Statement of Business Activities). This is the form where you report your self-employment income and expenses. You’ll need your total gross revenue, cost of goods sold (if applicable), and all business expenses broken down by category. The T2125 feeds into your T1 return.
Calculate your net business income. Gross revenue minus total expenses equals net income. This is the number that determines your income tax and CPP contributions. If the number is higher than you expected, you still have time to make an RRSP contribution before March 2.
April: GST/HST and Payment Deadline
Two big deadlines this month, and they’re easy to confuse.
File your GST/HST return. If you file annually, your GST/HST return and any net tax owing are due by April 30 for the previous calendar year. You can file through CRA My Business Account or using compatible tax software. Don’t forget to claim your Input Tax Credits — the GST/HST you paid on business purchases throughout the year. Our GST/HST registration guide covers this in detail.
Pay any balance owing by April 30. Even though your T1 filing deadline as a self-employed person is June 15, any taxes you owe are due April 30. Interest starts accruing on May 1 on unpaid amounts. The CRA currently charges compound daily interest on overdue balances, so don’t miss this date even if you haven’t filed yet.
Pay by installment if required. If your net tax owing was over $3,000 in the current year or either of the two prior years, the CRA expects you to pay quarterly installments. Your March 15 installment for the current year is also due around this time.
May-June: File Your T1 Return
Self-employed filing deadline: June 15. This is the date by which you must submit your T1 income tax return if you (or your spouse/common-law partner) are self-employed. File through CRA My Account, certified tax software, or through a tax professional.
Don’t wait until June 15 if you’re owed a refund. If you overpaid through installments or your deductions brought your tax bill below what you already paid, file as early as possible. The CRA doesn’t pay interest on refunds until after the filing deadline, so there’s no benefit to waiting.
Review your Notice of Assessment. Once the CRA processes your return, they’ll send a Notice of Assessment (NOA). Read it carefully. It confirms your RRSP room for next year, any adjustments the CRA made, and whether you owe more or are getting a refund.
Set up next year’s system. Once you’ve filed, take 15 minutes to set up your tracking for the new tax year. Create your expense categories, set a reminder to save receipts, and start your mileage log fresh. Accountly keeps you organized year-round so tax time takes minutes, not days.
Summary: All Key Dates at a Glance
| Date | Deadline | What to Do |
|---|---|---|
| October-November | No hard deadline | Review income, check RRSP room, adjust tax savings rate |
| December 31 | End of tax year | Make strategic purchases, prepay subscriptions |
| End of February | Tax slip deadline | All T4As, T5s should be received |
| March 2 | RRSP contribution deadline | Final RRSP contribution for previous tax year |
| March 15 | Installment payment | Q1 installment due (if required) |
| April 30 | Tax payment deadline | Pay balance owing (interest starts May 1) |
| April 30 | GST/HST filing deadline | File annual GST/HST return and remit net tax |
| June 15 | T1 filing deadline | File your income tax return (self-employed) |
| June 15 | Installment payment | Q2 installment due (if required) |
Frequently asked questions
When is the tax filing deadline for self-employed Canadians? June 15. But any balance owing is due April 30. If you owe money and wait until June to pay, you’ll be charged interest from May 1 onward. File early if you can, especially if you’re expecting a refund.
What forms do I need to file as a freelancer? At minimum, your T1 General (personal income tax return) and T2125 (Statement of Business or Professional Activities). If you’re registered for GST/HST, you’ll also file a GST/HST return. Your T2125 reports your gross business income and all deductible expenses.
Can I deduct expenses I forgot to track with receipts? The CRA requires you to keep records for six years. If you’re audited and can’t produce a receipt, the deduction may be denied. Bank and credit card statements can sometimes serve as backup, but actual receipts or invoices are the gold standard. Start tracking them throughout the year so you’re not scrambling later.
What happens if I miss the June 15 filing deadline? The CRA charges a late-filing penalty of 5% of the balance owing, plus 1% per month for up to 12 months. If you’ve been late before, the penalties double. Even if you can’t pay, file on time to avoid the penalty.
Do I need to pay quarterly installments? If your net tax owing exceeds $3,000 in the current year or either of the two previous years, the CRA will notify you that installments are required. Installments are due March 15, June 15, September 15, and December 15. Missing them results in installment interest charges.
How does Accountly help with year-end tax prep? Accountly tracks your income and expenses as they happen, categorizes transactions, and stores receipt photos. When tax season comes, your T2125 categories are already populated. You spend minutes pulling a report instead of days sorting through bank statements. It’s the difference between tax prep being a chore and being a checkbox.
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