Taxes are an important part of our society, and they play a critical role in funding government programs and services. As a taxpayer, it is important to stay informed about changes to tax laws, rates, and deadlines.
Important Dates for Personal Income Tax
As a taxpayer, it's essential to stay informed about tax deadlines to ensure that you file your taxes accurately and on time. Below is a list of important dates to remember for personal income tax, so you can plan and prepare accordingly.
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February 20, 2023 - The Canada Revenue Agency (CRA) will begin accepting electronically filed income tax returns for the 2022 tax year through NETFILE.
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March 7, 2023 - The CRA will begin accepting electronic requests for adjustments to income tax returns for the 2022 tax year through reFILE.
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March 15th - Deadline for self-employed individuals to make their last instalment payment for the 2022 tax year.
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May 1st, 2023 - Deadline for filing personal income tax returns for the 2022 tax year. If you owe taxes, payment must also be made by this date to avoid interest charges.
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June 15, 2023 - Deadline for self-employed individuals to file their personal income tax returns for the 2022 tax year. However, if you have a balance owing, it must still be paid by May 1st, 2023, to avoid interest charges. This is also the date for self-employed individuals to make their first instalment payment for the 2023 tax year.
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September 15, 2023 - Deadline for self-employed individuals to make their second instalment payment for the 2023 tax year.
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December 15, 2023 - Deadline for self-employed individuals to make their third instalment payment for the 2023 tax year. The last instalment payment will have to be made in March 2024.
Other Important Dates
In addition to the important dates for personal taxes, there are several other dates to keep in mind when it comes to taxes in Canada. From contribution deadlines to electronic filing options, staying informed about these dates can help you manage your finances more effectively and avoid any potential penalties or fees.
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February 28, 2023 - Deadline for employers to issue T4 slips and T4 Summary to employees for the 2022 tax year.
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March 1, 2023 - Deadline for individuals and businesses to make contributions to their Registered Retirement Savings Plan (RRSP) for the 2022 tax year.
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April 30, 2023 - Deadline for individuals and businesses to make contributions to their Tax-Free Savings Account (TFSA) for the 2022 tax year.
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June 30, 2023 - Deadline for individuals and businesses to make contributions to their Registered Education Savings Plan (RESP) for the 2022 tax year.
Preparing for Tax Season
As the tax season approaches, it's important to gather all necessary documents, including T4 slips, receipts, and other relevant financial information. This will help to ensure that you can accurately file your tax return and claim any eligible deductions or credits.
The dates listed above are some of the most important tax deadlines to remember in 2023, but there may be additional deadlines that apply to your individual situation, especially if you’re filing taxes for your corporation.
If you're having difficulty with your taxes or have questions about the filing process, there are resources available to help. You can contact the CRA by phone or in person at a local tax services office and have a payment agreement set up with them.
In addition to using the resources provided by the CRA, individuals can also benefit from using a financial management platform like Allevia. Allevia offers a free online budgeting tool that can help individuals analyze their financial situation and goals, and come up with personalized solutions to help them achieve those goals. By taking advantage of all available resources, individuals can stay on top of their finances and make informed decisions that will help them achieve their financial objectives.
