Tax Deadline 2023: All Tax Filing Due Dates
When Do I Need to File My Taxes?
A Complete Guide to 2023 Tax Deadlines
Keeping tax dates straight can be overwhelming, but marking your calendar and ensuring you’re up-to-date on the applicable deadlines will help you prevent penalty, interest, and additional fees from your tax accountant. Preparing for your tax filing can require lots of paperwork and documentation, so set yourself or your business up for success by planning early and ensuring you are fully prepared to file any and all taxes that pertain to you.
Here are the most common Canada Revenue Agency deadlines to be aware of to file your 2022 taxes on time.
Different Types of Tax Filing Due Dates
Tax Deadline for Personal/Individual Taxes
While the CRA has not yet announced the exact date it will open NETFILE for 2023, it will be sometime in February, which give your plenty of time to compile receipts and records. Personally, this can include things like moving expenses and other deductions that may be available to you. As a business, if you’re maintaining your bookkeeping consistently throughout the year, you’ll be in great shape come tax season.
This coming March 1st will be the RRSP deadline. Any retirement contributions you intend to make must be done by the deadline in order to lower your 2022 taxes.
Your personal taxes are due on May 1, 2023 (since April 30, 2023 falls on a Sunday). Mailed filings must be postmarked by the first, and taxes that are filed electronically must be submitted by midnight. If you file late and have a balance owing, you’ll incur a 5% penalty, plus an additional percent for each month late, up to 12 months. If you do not have a balance owing and you file late, you will not incur any penalty…but remember, why wait if you can get your refund sooner than later!
If you owe more than $3,000 in taxes for a year, it is mandatory that you pay installments the following year. Those payments are due to the CRA on March 15th, June 15th, September 15th, and December 15.
Tax Deadline for Self Employed Taxes
If you are self-employed, your filing due date doesn’t come around until June 15, but don’t let the later deadline deceive you: any balance owing is due by May 1, 2023 (since April 30, 2023 falls on a Sunday). You may also have additional returns to file for things like payroll and GST/HST remittances and withholding, so ensure that you have all your appropriate files prepared for your deadline to avoid penalty. If you have a balance owing and file late, you risk incurring multiple penalties, starting at 3% and growing up to 20%.
Tax Deadline for Corporate Taxes
June 30 is also the deadline for business tax filing — if your business’s fiscal year matches the calendar year. There are three things to consider when identifying your proper due date if your fiscal year does not match the calendar year:
- What month your fiscal year ends
- Whether it ends on the 30th/31st of the month, or another date
Your tax filling is due six months after the end of your fiscal year. If your year ends on the last day of a month, your deadline is the last day of the sixth month following the year-end date. If the year ends on any other date, then your filing is due on that day of the month, six months after your year ends. For example, if your fiscal year ends on October 31st, your filing is due April 30th, but if your year ends on October 15th, your filing is due April 15th.
Most often, if you have a balance owing, that payment is due two months after your year end date. Using the example above, in the first case, your balance would be due on December 31st, and in the second, your balance would be due December 15th.
There are, however, some exceptions to this two-month rule. Your balance owing may be due three months after your year-end if you fall into one of three categories:
- You’re a Canadian Controlled Private Corporation,
- Your corporation claimed a small business deduction for either the current or previous tax year, or
- Taxable income less than $500,000 was realized in the previous tax year for the corporation and all applicable associated corporation
If you owe more than $3,000 in taxes for a year, it is mandatory that you pay installments the following yearThose payments are due to the CRA every quarter. Feel free to reach out to AgileCPA to determine your installment amounts.
Tax Deadline for Trust Taxes
Like corporate taxes, the due date for your trust tax filing depends on the trust tax’s year-end date. In this case, however, your filing date is 90 days after the year-end. To use the example from above again, in the October 31st year-end trust, your filing date would be January 31st, and in the October 15th case, your due date would be January 15th.
Within these 90 days, you’ll need to both, 1) file your T3 return, the related T3 slips, NR4 slips, and T3 and NR4 summaries, and 2) pay any balance owing.
Tax Deadlines for GST/HST Returns
Your due date for your GST/HST return may be monthly, quarterly, or annually.
If you file monthly or quarterly, your filing and remittance are due within one month of the end of your reporting period. Using our example of a reporting period ending on October 31st, your filing and payment would be due by November 31st.
Annual filers must file and submit remittance within three months after the period ends. As an example here, if a fiscal period ends on May 31st, both filing and remittance would be due by August 31st.
Tax Deadlines for Information Slips
Employers are responsible for providing and filing information slips (ie T4s, T5s) to all employees, contractors and shareholder by February 28, 2023. This is very important as the individuals require these slips to file their own personal tax return by April 30, 2023. As such, penalties can go up to $7,500 for late filing.
If you’re still unsure about your tax deadlines or want extra assistance getting prepared for tax season, contact us for a consultation.
Tax Deadlines for T4s
Employers are responsible for providing and filing information slips to all employees, contractors, and shareholders by a set date, which is usually the end of February. Both employees and employers need to be aware of the T4 deadlines going into the next filing season.
T4 Information for Employees
When can you expect to receive your T4?
Employers must submit T4s by February 28, 2023. The CRA requires employers to give employees T4s by the deadline. If you do not receive one by February 28, reach out to your employer.
What information is found on a T4?
You will only receive a T4 if you earn a salary, wages, tips, bonuses, vacation pay, commissions, fringe benefits, and retirement allowances during the year. There are other situations that might warrant the issuance of a T4, but these are the most common.
Pension payments, group term life insurance, retiring allowances for non-Canada residents, retirement compensation arrangement payments, and annuities are generally excluded from being issued on a T4.
If you don’t receive a T4 by the deadline, but believe you should, double check with the employer or reach out to one of our accountants.
T4 Information for Employers
When are employers required to submit T4s?
Employers have a greater filing burden when it comes to T4s. Employers are required to submit a T4 for qualifying money paid to employees by February 28, 2023.
If your business ends during the year, you have 30 days from the date your business stops to file T4s. This means if your business ceased operations on June 1, you would have until July 1 to file the T4s.
If a partner or sole proprietor dies during the year, the CRA gives the business 90 days from that date to file the T4s.
How can employers submit T4s?
If you file more than 50 T4s, you are required to file the forms electronically. Businesses with under 50 T4s can file on paper. Keep in mind that electronic processing is quicker and less susceptible to loss, ensuring you meet the deadline.
Employers can also submit up to 100 T4s through web forms. Additionally, internet file transfers are available if the file size is 150MB or less. Internet file transfers generally involve a third-party software program, making them a less viable option for small businesses with under 50 forms.
What are the penalties for missing the deadline?
There are stiff penalties for employers that miss the filing deadline or do not file using the correct method. The failure to file electronically penalty ranges from $250 to $2,500, depending on how many T4s you file incorrectly.
The CRA assesses another penalty for employers that don’t give employees T4s timely, which is $25 per day for each T4 slip that isn’t handed out. This means that if you are holding on to five T4s, you could see a penalty of $125 per day.
Employers also need to consider the late filing penalty, which ranges from $100 to $7,500, depending on the number of T4s you are required to file.
If you’re still unsure about your tax deadlines or want extra assistance getting prepared for the tax season, contact us for a consultation.
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