The tax deadline in Canada is April 30, 2024 for 2023 personal tax returns.
If you have tax owing, it must be received by the CRA or processed at a Canadian financial institution on or before April 30, 2024.
The deadline for filing your self-employment tax return in Canada for the 2023 tax year is June 15, 2024.
Since June 15, 2024 falls on a Saturday, your self-employment tax return needs to be filed and any taxes owing paid by the following business day, June 17, 2024.
The deadline for filing a corporate tax return in Canada for the 2023 tax year is 6 months after the end of the corporation’s tax year.
So if the business has a December 31 year-end, the deadline for filing its taxes would be June 30, 2024.
Why do I Need to File a Tax Return?
For individuals, filing a tax return ensures you are eligible to receive tax credits and benefits, which can possibly result in you receiving a tax refund, or money back in your pocket.
Just as important, if you’ve overpaid taxes or contributions, it’s very likely that you are owed money back.
Filing a tax return is the only way to get these amounts back.
In addition, many lenders, especially mortgage lenders will ask for your previous 2 Notice of Assessments and will also want to ensure you have no tax owing to the government.
Failure to file a tax return can result in penalties and interest charges.
Even if you aren’t working or receiving taxable income, it’s still highly recommended that you file a tax return To ensure you don’t miss out on payments from benefit programs, tax returns, and plenty of other government benefits.
Learn more about the circumstances in which you should file a tax return.
How do I File my Taxes in Canada?
In Canada, you can file your taxes either electronically using the CRA’s NETFILE service or by mailing a paper return to the CRA.
To file electronically, CRA’s NETFILE service allows you to file your tax return online, or you can use a third-party tax preparation software such as TurboTax or H&R Block.
To file a paper return, you can obtain a tax package from the CRA or you can download the necessary forms from their website.
If you usually file your tax return by paper, CRA will mail you the documents.
You can also call the CRA at 1-855-330-3305 and request that they mail them to you.
Once you have completed the forms, you can mail them to the CRA along with any supporting documents.
Regardless of whether you file electronically or by paper, you will need to have the following information to complete your tax return:
- Your SIN number
- Your income information, such as T4 slips from your employer(s) and any other T slips
- Information about any deductions or credits you are claiming
- Any receipts or documentation to support your claims
It is important to ensure that your tax return is complete, accurate, and filed on time to avoid potential penalties and interest charges.
What if I Miss the Deadline to File my Taxes?
If you miss the deadline for filing your taxes, you can still file a return later, but you may face penalties and interest charges.
The penalty for not filing a tax return on time is generally 5% of the amount due, plus 1% for every month that you file after the due date, for up to 12 months.
If you filed late and received a formal demand for a return letter from the CRA, you’ll be charged 10% of the amount due, plus 2% for every month that you file after the due date, for up to 20 months.
To minimize the potential penalties and interest charges, it is best to file your return as soon as possible, even if you cannot pay the tax owed in full.
If you need more time to file your return, you can request an extension of time to file, but you will still need to pay any tax owed by the original deadline to avoid additional interest and penalties.
Always call the CRA and discuss your situation in an attempt to make arrangements.
Frequently Asked Questions
- What if I miss the deadline for filing my taxes?
Tara Al-Khudairihas worked in the financial services industry since 2017. She graduated from McMaster University with a degree in Finance and is pursuing her CFA.
She has worked at a major Canadian financial institution in various client-facing advisory roles, starting as a bank teller and working up to a Client Services Associate within the Asset Management division. She specializes in simplifying concepts of personal finance for people of various financial backgrounds.
When she’s not examining the markets looking for the next SHOP.TO, she’s either practicing yoga, planning her next vacation, or has her nose buried deep in a book.
