Key dates and what to track

Key dates

1. Dec 152026Last 2026 instalmentOnly if the CRA expects instalments: net tax owing over $3,000 ($1,800 in Quebec) for 2026 and in either 2025 or 2024.
2. Dec 312026The 2026 tax year endsMost sole proprietors use a December 31 year-end. Expenses are generally claimed in the year you incur them.
3. Mar 152027First 2027 instalmentIf you pay instalments, they continue on March 15, June 15, September 15 and December 15.
4. Apr 302027Pay what you owe for 2026Income tax and CPP still owing are due, even though you file later. GST/HST annual filers with a December 31 year-end pay by now too.
5. Jun 152027File your 2026 returnThe filing deadline for self-employed people (and their spouse or common-law partner). Also the GST/HST annual return for individuals with a December 31 year-end.

What to track all year

• IncomeFor every invoice or sale: date, client, amount, and GST/HST charged if you’re registered.
• ExpensesKeep the receipt. Note the date, who you paid, the T2125 category, the GST/HST paid, and the business-use % if it’s partly personal.
• VehicleA logbook: date, destination, purpose and kilometres for each business trip, plus the odometer at the start and end of the year.
• Home officeThe size of your workspace and of your home, and the costs (rent or mortgage interest, utilities, insurance, property tax).
• GST/HSTWatch the $30,000 small supplier limit: total taxable sales over any four consecutive calendar quarters.
• CPPFor 2026: 11.9% of net self-employment earnings between $3,500 and $74,600, plus 8% CPP2 up to $85,000.

Keep your records (paper or digital) generally for six years from the end of the last tax year they relate to.