An annual tradition, filing taxes is akin to spring cleaning. You might wonder where the year went. Maybe you had a baby, got married, got divorced, got laid off… When you file your taxes, it is time to reflect on everything and anything from the past year that impacts your tax bill.
Despite the complexity, it remains essential to file (and pay) your taxes on time. Of course, to do that, you need to know when to file. The deadline for filing is different depending on your situation. To help you better understand when to file your 2023 taxes, we’ve broken down the specifics for the most common situations. Let’s take a look.
When Can I File My 2023 Taxes In Canada?
Your tax deadline varies based on the type of tax return you’re filing. Typically, any amount owing becomes due and payable on the deadline date. To avoid interest, knowing which category represents your return (and to file on time) is important.
Individual Tax Return Deadline
The earliest you can file your tax returns electronically is on February 19, 2024. The last day to file taxes is Tuesday, April 30, 2024. Unless you have made other arrangements with Revenue Canada, this is the day any amount owing becomes due. After this time, it will begin to accrue interest.
Self-Employed Tax Return Deadline
Those who are self-employed have a later deadline, the last day to file is June 15, 2024. However, since this lands on a Saturday this year, it’s pushed to the next business day, Monday June 17, 2024. The deadline also applies to the spouses of self-employed individuals.
Due Dates For Tax Installment Payments
If you arrange to pay portions of your tax bill throughout the year, the payments must be submitted quarterly. The due dates are March 15, June 15, September 15, and December 15. Failure to meet these deadlines results in needing to pay a higher amount. This applies to both employed and self-employed individuals.
Due Dates For Final Tax Returns
This applies to those who are representing the estate of a deceased person. Let’s say you are the Executor of a will. As Executor, you must complete the final tax return of the deceased.
If the person died before October 31, 2023, the deadline for the final return is April 30, 2024. If the person died between November 1st and the end of the year, the return is due six months after the death occurred.
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Get StartedWhat Happens If You Miss The Tax Deadline In Canada?
Missing a deadline is never a good thing — but missing your tax deadline is possibly the worst deadline to miss. In addition to the extra stress you face from racing the clock, filing your taxes late comes with costly expenses.
Late Tax Filing Penalty
If you miss your tax deadline, then Revenue Canada will charge you five percent of any amount owing. Every subsequent month, an additional one percent is added to the total. For those who are late filing for previous years, the penalty increases to ten percent upfront and an additional two percent every month. The maximum penalty period is 20 months.
Example: If you owe $2,000 on your income tax bill and you file two months late, you will get a late penalty of $100 (five percent of the total). If you pay the full amount within the month, you will owe $2,100.
Were you to pay three months late, the added penalty would increase. One percent of $2,000 is $20. It gets added to the total every month, raising the amount to $2,160.
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Tax Changes For The 2023 Tax Season You Should Know About
Given the fluctuating nature of all the details associated with filing your income taxes in Canada. It’s important to stay up to date with all the latest tax news so you can file your taxes quickly and without any surprises.
The Basic Personal Amount (BPA) Is Higher
The Basic Personal Amount for 2023 is $15,000. The government will not tax you on the first $15,000 that you earned, depending on the tax year.
The Federal Tax Brackets Have Changed
One good thing to come out of life getting that much more expensive is this: the federal tax brackets have shifted so that you might catch a break. These brackets also affect your provincial tax rate.
The first $15,000 of income you earn is tax free. It is your Basic Personal Amount. These adjusted tax brackets apply to any taxable income you have. That means anything over the BPA.
| Federal Tax Rate | Federal Income Tax Brackets |
| 15% | Applicable to taxable income up to $53,359 |
| 20.5% | Applicable to taxable income over $53,359 up to $106,717 |
| 26% | Applicable to taxable income over $106,717 up to $165,430 |
| 29% | Applicable to taxable income over $165,430 up to $235,675 |
| 33% | Applicable to taxable income over $235,675 |
Canada Pension Plan Maximum Contributions Are Higher
The maximum pensionable earnings for the Canada Pension Plan (CPP) is now $68,500, and the basic exemption is $3,500. That means slightly more money for you in your old age.
TFSA Limit Went Up
The annual limit on tour Tax Free Savings Account (TFSA) is higher. If you have had a TFSA since the beginning (2009) and never made a deposit, your eligible amount is a maximum of $95,000. The yearly contribution limit for 2024 is $7,000.
RRSP Limit Increased
You still can only contribute 18% of your annual income to your registered retirement savings plan (RRSP). However, there is a maximum amount that any Canadian, regardless of income, can put in their RRSP. This year, the maximum is $31,560.
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Ways To File Your Taxes In Canada For The 2023 Tax Season
There are multiple ways to file your taxes, thanks in large part to evolving tax software. You can choose whichever option you’re most comfortable with, be that on paper or online. Options include:
- Filing Online Using Software: Using either EFILE or NETFILE, you can file your taxes online. EFILE is used by tax professionals working on your behalf. NETFILE is the program approved by Revenue Canada that lets you file your taxes. NETFILE is integrated with most mainstream tax software programs available.
- Voluntary Tax Clinics: The Community Volunteer Income Tax Program has clinics throughout the country, meant to help those with lower income and basic tax returns. Experienced tax professionals facilitate the returns.
- Mail-In Paper Returns: If you are more comfortable with the traditional way of filing taxes, you can still do your taxes on paper and mail them to the CRA. You can order the paperwork online or download it and print off the documents.
- CRA FIle My Return Service: A service available for low-income individuals, it lets you file your taxes using the automated phone service. Those who qualify will receive paper correspondence from Revenue Canada to inform them of this program’s availability.
When Will You Get Your Tax Refund?
If you electronically file your taxes before the deadline, the CRA will generally provide your tax refunds within 2 weeks. However, if you file by paper, your tax refund can take up to 8 weeks to reach you. Do keep in mind that these numbers are estimates and the CRA does not guarantee you will receive your refund within the period mentioned. Moreover, if the CRA requires additional information or if you’re getting audited, your refund may be delayed further.
