One of the most important things to remember as a taxpayer are the deadlines for filing your taxes. The Canada Revenue Agency sets strict due dates for returns and payments. Filing your return on time helps you avoid any interest or penalties and get your refund earlier. We’ve rounded up all the major dates that matter for your taxes to make this season stress-free.
- The tax filing deadline is May 1st, 2023 for individuals and June 15th, 2023 for the self-employed
- The CRA opens NETFILE in February 2023.
- Not filing your tax return by the deadline may result in you having to pay interest, fees, or penalties
When can I file my taxes in 2023?
Tax filing deadline for individual tax returns
The tax filing deadline for your 2022 tax return is May 1, 2023. (May 1, 2023 since April 30 is a Sunday).
The Canada Revenue Agency usually expects individual taxpayers to submit their income tax returns by April 30 of every year. If April 30 falls on a weekend, the CRA extends the deadline to the following business day.
If you want to file early, the CRA will open its NETFILE service on February 20, 2023 to electronically receive submitted returns.
Mailed responses must be received or postmarked by the due date, and electronically submitted returns must be submitted by midnight local time of the date they are due.
Tax filing deadline for self-employed tax returns
If you are self-employed, the CRA gives you a bit longer to submit your income tax return — you do not have to submit it until June 15. But remember, if you owe taxes you are still required to submit payment by April 30, 2023.
Important CRA dates and deadlines in 2023
We’ve put together all the dates you need to keep track of this tax season in one place below.
Business tax deadline for 2023
The CRA requires most business owners (Sole-Proprietors or Partnerships) to submit their returns by June 15, 2023 if their business fiscal year matches the calendar year. However, some businesses may opt to observe a non-calendar fiscal year, and if they do, their returns are due six months after the end of their fiscal year.
Tax filing deadlines for final tax returns
If you are the legal representative of a deceased person, you are in charge of ensuring their final tax return is submitted to the CRA. If the individual died between Jan. 1 and Oct. 31 of the tax year, their return is due April 30, but if they died between Nov. 1 and Dec. 31, their return is due six months after the date of their death.
Again, if the deceased person or their spouse or common-law partner is self-employed, the CRA extends the due date to June 15, but it still begins assessing interest as of April 30.
Penalties for late tax filing
What happens if you file personal taxes late?
Filing your taxes late when you have earned a refund or don’t owe any further tax will not result in any fees or penalties. However, if you owe money and file late, the CRA charges you a penalty on the taxes owed equal to five percent plus an additional percent for each month late up to 12 months. Taxes owed to the CRA are due the day your tax return is due for individuals. If you cannot pay the full amount, the CRA will accept late payments but charges compound daily interest on all amounts due.
For example, if you owe the CRA $10,000 and you file your tax return 5 months late, the CRA will apply a 10 percent penalty and your tax bill is increased to $11,000.
What if I’m self-employed and file late?
As a small business owner, you may be required to file additional returns, such as those for payroll and GST/HST remittances and withholdings. Failure to meet the CRA’s payroll obligations results in penalties and interest; there are several types of penalties for payroll accounts. Failure to deduct can result in a penalty of 10% for the first failure, and will go up to 20% with any additional failures. Late filing or non-payment penalties start at 3% and will go up to 20%.
Due dates for installment payments
If you make installment payments throughout the year so that you can avoid a large bill at tax time, you have four due dates throughout the year. Whether you are self-employed or employed by someone else, you must submit your installment payments by March 15, June 15, September 15, and December 15 of each year.
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