Haven’t filed your 2023 Canada tax return yet? The tax deadline is just around the corner, but there’s no need to panic. Filing your income taxes is likely simpler than you think.
Here’s what you need to know.
The 2024 tax filing deadline is April 30, 2024, for individuals; if you’re self-employed, the deadline is June 17, 2024—but if you have a balance owing for 2023, you must pay it on or before April 30, 2024.
Hold on to your information slips and tax receipts for at least 6 years after you file your return, in case the CRA audits your return.
Consider filing your tax return early next year; you’ll avoid last-minute filing pressure, reduce errors, and give yourself lots of time to track down missing documents.
When is the 2023 tax-filing deadline?
Whether you’re filing your 2023 taxes as an individual or as a self-employed person, submitting your tax return before the deadline helps you avoid any interest or penalties and get your refund earlier. Here are some important dates.
Individuals:
Your 2023 Canada tax return must be filed on or before April 30, 2024. If you owe money, payment is also due on the same date. Planning to mail your income tax return? Note that it must be received or postmarked by the due date. Electronically submitted returns must be submitted by midnight local time of the date they are due.
Self-employed persons:
If you’re self-employed, your tax return is due June 17. However, if you have a balance owing for 2023, you must pay it on or before April 30, 2024. If you’re unsure what you owe, it’s better to do your taxes before the individual tax return deadline so you’re not penalized with a late filing penalty.
Filing for a deceased person:
If you’re filing a return for a deceased person, their surviving spouse, or common-law partner, the 2023 tax deadline may be different. Visit the CRA website to learn more.
Will the tax deadline be extended in 2023?
No. The 2023 tax deadline is April 30, as always. The exception to this rule was in 2020 when the Canada Revenue Agency (CRA) extended the tax-filing deadline due to COVID-19.
Be sure to file on time, even if you can’t make your payments. Filing late can result in a 5% penalty (based on taxes owing) and fees and interest can quickly add up.
What documents do I need to file my 2023 income taxes?
Preparing to file your 2023 income taxes means getting important tax-related documents organized. Gather together information slips, tax receipts, and any investment details like your Registered Retirement Savings Plan (RRSP) contributions.
Your information slips
You’ll receive an information slip from anyone who gave you income this year. These can include:
T4 slip – provided by your employer and details your employment income, deductions, and taxes withheld
T4A slip – covers other types of income like pension income, scholarships, or grants
T5 slip – includes investment income like dividends or interest
Important tax receipts
A tax receipt is a record of your expenses and helps you claim credits and deductions offered by the CRA. Tax receipts can include charitable contributions, childcare, medical, Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) contributions, moving expenses, union dues and professional fees, and other expenses.
What receipts to save
You don’t need to include information slips and tax receipts with your return once you’ve noted them, but do keep them for your records. Hold on to them for at least 6 years after you file your return, in case the CRA audits your return.
What if I’ve lost receipts that I need for my tax return?
If you’ve lost receipts that you need for your 2023 tax return, it’s typically easy to request replacement slips online. Here’s how:
T-slips — Log onto CRA MyAccount to download the ones you need.
Medical receipts – Contact your provider (e.g., pharmacy, physiotherapist, massage therapist) to get a copy reissued to you.
Childcare receipts – Reach out to who runs the childcare center or program to ask them to reprint the receipts and send them to you.
Donation tax receipts – Many registered charities email their receipts. But if you still can’t find your charitable tax receipt in your inbox, they can resend it to you. Remember, you can submit any unclaimed donations made in the previous 5 years on this year’s return.
TurboTax has you covered with the Auto-Fill My Return feature, which means it will pull those slips from the CRA for you and import them to your return.
How do I know if I owe taxes before I file?
Canada has a graduated income tax system, so your tax rate depends on how much you earn each year. You won’t know the exact amount of tax owed until you prepare your tax return and take into account all expenses and deductions. But you can make an estimate based on federal tax rates and income tax brackets that change every year.
Why do I owe taxes?
If you received a refund last year but owe taxes this year, there could be a few reasons why. Here are some common scenarios:
You have multiple sources of income which have pushed you into a higher tax bracket.
You changed jobs at some point during the tax year, bumping you into a higher tax bracket.
You’re self-employed and didn’t remit enough in taxes.
You claimed certain deductions or credits incorrectly.
There are changes in tax laws that affect your situation.
What is taxpayer relief?
The CRA may provide taxpayer relief options if you’re unable to meet your tax obligations due to financial hardship or extraordinary circumstances beyond your control. In these cases, the CRA might offer taxpayer relief options.
These could include flexible payment arrangements, where you’d work with the CRA to negotiate a payment plan to pay your tax debt over time in instalments. In certain cases of extreme hardship, the CRA might provide debt forgiveness.
If you’re facing extreme difficulties paying your taxes, act promptly and communicate with the CRA to discuss your options.
When will I get my 2023 tax refund?
After you’ve filed your 2023 Canada tax return, you’re likely anxious to get your refund. The time it takes to get your refund can vary, and is based on how you file and the method of payment.
Typically, if you file electronically and choose direct deposit, you can expect to receive your return within two weeks. If you file by mail or choose to receive a paper cheque, it could take longer—up to 8 weeks or more.
You can track the progress of your refund by logging into the CRA My Account and selecting Income Tax Refund from the Income Tax dropdown menu.
Why should I file my income taxes early next year?
Getting ahead of next year’s taxes can pay off—literally. For starters, if you’re expecting a refund, filing early will put money in your pocket faster.
Even if you don’t think you owe, it’s still important to file a tax return. That’s because there are benefits and credits you may be eligible to receive but you will only qualify for if you file your income tax return. For example, the Canada Child Benefit (CCB) and the goods and services tax/harmonized sales tax (GST/HST) credit are based on your tax return, and you won’t get the money if you don’t file.
Filing early can also help you avoid the stress of last-minute filing—reducing the likelihood of errors or overlooking valuable deductions or credits. Not only that, but you’ll also have lots of time to track down missing documents, address discrepancies, or have your tax questions answered.
File with confidence
Now that you have all the information you need to file your 2023 income taxes, what are you waiting for? Filing your income taxes can be nerve-wracking, especially as the due date approaches. But TurboTax can help. Whether you’re filing as an individual or self-employed, our tax-filing software packages will help you get your 2023 tax return filed on time, even if the deadline is looming.
