Stay Ahead of Tax Dates: Important Dates and Deadlines for 2023

Get Ready for Tax Season: Important Steps to Take in January

In January, it’s crucial to check your CRA My Account or create one if you don’t have it yet. By doing so, you’ll have ample time to review and update your information in the system. Keep in mind that it takes a few days to receive your account verification code, so it’s best to take this step ahead of the busy tax dates 2023.

Getting Organized for Tax Season: Important Steps to Take in February

In February, mark your calendar because the Canada Revenue Agency (CRA) and Revenue Québec will open the NETFILE and ReFILE services for the 2022 tax year on February 20th, 2023. This exciting news means that you’ll be able to conveniently file your tax return online starting in the middle to end of February.

Although you might not have received your T-slips from your employer or other sources of income just yet, they should arrive shortly. Use this time to get organized and prepare all the necessary documents for a smooth tax filing process.

Important Tax Dates to Remember in March: Maximizing Your RRSP Contributions

In March, make sure to mark your calendar for the RRSP contribution deadline on March 1st, 2023. Take a moment to review your 2021 Notice of Assessment to determine if you have any remaining contribution room in your RRSP. If you do, consider making any last-minute contributions to maximize your RRSP savings.

Additionally, March is an opportune time to file your taxes promptly. By filing early, you can expedite the process of receiving your tax refund or strategize how you will manage any taxes owing. Use this time wisely to plan accordingly and ensure a smooth financial transition.

May Tax Deadlines: Filing and Payment Due Dates

In May, don’t forget about the important tax deadlines. While April is traditionally the month for filing taxes, this year the deadline is extended to Monday, May 1st, 2023, since the last day of April falls on a weekend.

It’s crucial to note that any balance owing on your taxes is also due on this day. This applies to both individuals who are self-employed and those who are not required to file until June 15th. Regardless of the filing deadline, the balance owing must be paid by May 1st, 2023.

Ensure you meet these deadlines to avoid any penalties or interest charges. Take this opportunity to complete your tax obligations and stay on top of your financial responsibilities.

Also read: Are you at risk of being penalized with the Underused Housing Tax?

June Tax Filing Deadline for Self-Employed Individuals

For self-employed individuals, mark your calendars for June 15th, 2023. This is the tax filing deadline specifically designed for those who are self-employed. It’s important to note that this deadline applies to reporting your income and submitting the necessary documents to the tax dates authorities.

Make sure to gather all the required information, complete the necessary forms, and file your tax return by this date. By meeting the June 15th deadline, you’ll fulfill your tax dates obligations and stay compliant with the regulations for self-employed individuals.

Use this extra time wisely to ensure accurate reporting and avoid any last-minute stress of tax dates.