Tax Filing 2023: Your Guide for a Successful Tax Season

1. Know the tax lingo

When you visit an unfamiliar country, learning a few common phrases makes getting around a lot easier. It’s the same with taxes. By familiarizing yourself with key terms like ‘taxable income’ and ‘carry forward’, you can quickly build a foundation and start connecting the dots.

2. Know the important dates

One of the key things to keep track of as a taxpayer is the deadlines for filing your taxes. The Canada Revenue Agency (CRA) has strict due dates for returns and payments. Not to mention, deadlines differ depending on whether you are employed, self-employed, or running a business. When you file on time, you’ll avoid interest and penalties, plus you’ll get your refund earlier. 

3. Know what you don’t know 

Due to the pandemic and the rising cost of living, the government has put several changes in place for the 2023 tax year. These include increased contribution limits and new credits and deductions you may be eligible for!

To help make sure you’re claiming every tax deduction and credit you deserve, check out the following articles: 

• These are the 9 Biggest Tax Changes Canadians Need to Know in 2023
• 20 Popular Canadian Tax Deductions and Credits in 2023
• EI and Taxes: What Canadians Need to Know 

4. Know how to file your taxes like a pro

Ready to roll up your sleeves and dive into your taxes? Here’s where we get to the nitty-gritty and offer guidance specifically tailored to you. Which of the following best describes your situation?

• • If you’re new to Canada: Taxes for New Canadians: Step-by-Step Guide to Filing Your Tax Return
  • If you’re a senior or you’re helping a senior in your life: Tax Credit For Seniors In Canada: Making the Most of your Tax Return
  • If you’re a student: The Ultimate Tax Guide for Students
  • If you’re a Canadian overseas: The Ultimate Tax Guide For Non-Residents
  • If you’re self-employed: The Beginner’s Guide to Self-Employed Taxes
  • If you’re filing taxes for someone who’s passed away: 6 Things You Should Know Before Filing a Loved One’s Final Tax Return
  • If you’re a landlord: Taxes for Landlords: How Taxes on Rental Income Work
  • If you’re a seasoned tax filer, you can use this to triple-check your efforts: 2024 Canadian Tax Checklist: What Tax Documents Do I Need to File My Taxes?

Still not sure where to start? We’ve got you. Not Sure What’s the Best Way to Do Your Taxes? Here’s How to Decide

5. Know the advantages of filing your taxes online

Your future self will thank you for filing your taxes online. Once you take the plunge and create a CRA My Account, you’ll be able to complete and file your taxes online. This can reduce the CRA’s processing time from an average of 10–12 weeks to as few as 8 business days. This also means you’ll receive any applicable refund faster and avoid any interruptions to your benefit and credit payments.

While filing taxes can seem like just one more thing on a massive ‘to-do’ list, getting it done right and on time is a win-win proposition. It means you’ll avoid interest and penalties, and receive any applicable refund sooner rather than later. 

TurboTax automatically searches 400+ credits and deductions for you, so you can be sure you aren’t missing a dime.

For even more peace of mind, consider TurboTax Live Full Service. One of our tax experts can prepare your return from start to finish. Whether you’re in the comfort of your own home or on-the-go, start your return from anywhere with the TurboTax mobile app on Android or iOS.

The next step are documents. Watch our tax expert, Emily, share all the documents you need handy for your next appointment.