If you haven't already, it’s time to mark the 2023 tax deadlines in your calendar. For individuals and businesses alike, this deadline is an essential time to organize financial documents, gather receipts, and ensure that all necessary forms and payments are submitted to the Canada Revenue Agency (CRA) in a timely manner.
For most individuals, the deadline to file income tax returns for the 2022 tax year and pay any amounts owing is May 1, 2023. Normally it would be April 30, but this year it falls on a Sunday.
For self-employed individuals and their spouses or common-law partners have until June 15, 2023, to file their returns. However, any amounts owing to the CRA must still be paid by May 1 to avoid penalties and interest charges.
If you do not owe any taxes, you will still want to file a tax return by the deadline. While you won’t have to pay any interest or penalties for late filing, you must file your tax return to file for certain government benefits and credits, like the GST/HST Credit, Climate Action Incentive and Canada Child Benefit. In addition, you may be eligible for a refund on tax credits or taxes paid.
If your business is incorporated, you must file your personal taxes by May 1, 2023, but your corporate taxes will depend on your business year-end.
To avoid any issues related to missed deadlines, consider setting reminders or alerts to ensure that you stay on top of the tax due dates.
What to Expect When Filing Your Tax Return
In general, the process for filing a personal tax return will involve gathering all of the necessary paperwork, including T-slips (such as T4s and T5s), receipts, and other documents related to your income, expenses, and deductions. You will then need to complete the appropriate tax forms, such as the T1 General form for individuals or the T2 form for corporations.
Most people file their returns electronically, which means you don’t need to send in supporting receipts, slips and most other documents. However, it’s important to remember that the CRA may conduct a review of your tax return, which could include requesting additional information or documentation to support your claims. This review could take place at any time, so it’s critical to ensure that all of the information you provide on your tax return is accurate and complete.
If you’re unsure about how to prepare your tax return, it may be beneficial to seek the assistance of a tax professional. A qualified chartered professional accountant or tax preparer can help you navigate the complexities of the tax code and ensure that your return is accurate and complete. They can also provide advice on ways to minimize your tax liabilities and take advantage of all available deductions and credits.
Need assistance? Get in touch with the Koroll & Company team today.
