Recently, new remission criteria for schizophrenia has been proposed, based on low symptom severity of core symptoms (the severity criteria), which is sustained over a minimum of 6 months (time criterion). The purpose of this study was to examine, in a secondary analysis, these criteria in a cohort of 240 first episode patients with a mean follow-up of 26.4 months from the Calgary Early Psychosis Program. Eighty-eight subjects (36.7%) met both the severity criteria and time criteria for remission (in-remission group); 47 subjects (19.6%) met only the severity criteria at their most recent assessment (severity only group); 49 (20.4%) subjects had met severity criteria at one or more assessments but did not meet severity or severity and time at the most recent assessment (fluctuating group); and 56 (23.3%) did not meet remission criteria (non-remission group). Those who achieved remission had lower levels of symptoms and higher functioning at baseline and at the final follow-up assessment, improved premorbid functioning, shorter duration of untreated psychosis and increased changes in symptoms over time.