2026 year-end checklist for self-employed Canadians
Self-employed individuals generally have a December 31 year-end, so December 31, 2026 closes the books on your 2026 business year. None of this needs to be done in a rush. Working through the list in December just makes April and June 2027 much easier. Each item links to a detailed guide.
Key dates
Date
What
December 15, 2026
Last 2026 income tax instalment, if you're required to pay (details)
December 31, 2026
End of the 2026 business year for most sole proprietors; odometer reading for your logbook
January 31, 2027
GST/HST return and payment for the October–December quarter (quarterly filers). It's a Sunday, so the next business day.
March 1, 2027
Last day of the 60-day window for RRSP contributions you can deduct on your 2026 return
April 30, 2027
Balance owing for 2026 income tax and CPP; GST/HST payment for annual filers with a Dec 31 year-end
June 15, 2027
Filing deadline for self-employed individuals (and their spouses or common-law partners); GST/HST return for those annual filers
1. Expenses: get them all recorded
Go through your bank and credit card statements for January to December and make sure every business expense is in your records under the right T2125 category.
Most self-employed people must use the accrual method: an expense counts in the period you incur it, even if you pay it in January. Income counts when you earn it, even if the client pays in 2027. So invoices for December work are 2026 income.
Remember the limits: meals and entertainment are generally 50%, and only the business-use share of mixed-use costs counts.
Don't buy things just for a deduction. A deduction only reduces tax on part of what you spend.
2. Receipts and records
Match a receipt to every expense, especially those over $100 where you're claiming GST/HST input tax credits. The receipt rules are in our record-keeping guide.
Records generally have to be kept for six years from the end of the tax year they relate to, so 2026 records until at least December 31, 2032.
3. GST/HST: know which period you're closing
Annual filers (most small sole proprietors) close their GST/HST year on December 31 too. Total the GST/HST you charged and the input tax credits you can claim. The return for 2026 is due June 15, 2027 and payment by April 30, 2027. See how to file a GST/HST return.
Quarterly filers: the October–December 2026 return is due one month after the quarter ends.
Not registered yet? Check whether your 2026 revenue crossed the $30,000 small supplier threshold in a single quarter or over four consecutive quarters.
Thinking about the Quick Method for next year? Read up on the eligibility rules and the election form before your next reporting period starts.
If you're required to pay 2026 instalments, the last one is due December 15, 2026. See the December 15 guide for amounts and what happens if you miss it.
5. RRSP: the 60-day window
RRSP contributions don't have to be made by December 31. Contributions made in the first 60 days of 2027 (up to March 1, 2027) can be deducted on your 2026 return.
The 2026 RRSP dollar limit is $33,810. Your personal deduction limit (18% of 2025 earned income up to that cap, plus unused room, minus any pension adjustment) is on your latest notice of assessment or in CRA My Account.
An RRSP deduction reduces income tax but not CPP. CPP on self-employment is based on your net business income.
6. CPP planning
In 2026 you pay 11.9% CPP on net self-employment income between $3,500 and $74,600 (max $8,460.90), plus 8% CPP2 up to $85,000 (max $832).
If you work from home, add up the year's rent or mortgage interest, utilities, insurance and property tax, and confirm your workspace percentage. The claim can't create or increase a business loss. See home office expenses.
Do expenses have to be paid by December 31 to count for 2026?
Not necessarily. Most self-employed people must use the accrual method: you deduct expenses in the fiscal period you incur them, whether or not you've paid them, and report income when you earn it, no matter when you receive it. Farmers, fishers and self-employed commission agents can use the cash method instead.
When is the 2026 RRSP deadline?
Contributions made in the first 60 days of 2027 can be deducted on your 2026 return. That works out to March 1, 2027. The 2026 RRSP dollar limit is $33,810, and your personal limit is on your latest notice of assessment.
What's my business year-end?
Self-employed individuals generally have to use a December 31 year-end. Some can elect a different fiscal period using Form T1139.
When is my GST/HST return for the end of 2026 due?
Annual filers with business income and a December 31 year-end pay by April 30, 2027 and file by June 15, 2027. Quarterly and monthly filers have one month after the end of each period, so the October–December 2026 quarter is due January 31, 2027 (a Sunday, so the next business day).
Not tax advice. General information summarized from canada.ca. Rules change and depend on your situation, so check the CRA source pages and consult a qualified accountant.
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