The tax deadline in Canada is April 30, 2023 for 2022 personal tax returns.
Since April 30, 2023 falls on a Sunday, the CRA won’t consider it late as long as on or before May 1, 2023, one of the following applies:
- Your tax return was received by the CRA
- Your tax return is postmarked for May 1, 2023 or before
The same applies to your tax payment, if applicable.
As long as it is received by the CRA or processed at a Canadian financial institution on or before May 1, 2023, it won’t be considered late.
The deadline for filing your self-employment tax return in Canada for the 2022 tax year is June 15, 2023.
The deadline for filing a corporate tax return in Canada for the 2022 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, 2023.
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.
Important:
CRA’s NETFILE service reopens on February 20, 2023.
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 by February 20, 2023.
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 for 2022, plus 1% for every month that you file after the due date, for up to 12 months.
If you filed late in 2019, 2020 and 2021 and received a formal demand for a return letter from the CRA, you’ll be charged 10% of the amount due for 2022, 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 is the 2022 tax deadline in Canada?
- What is the 2022 tax deadline if you’re self-employed?
- What if I miss the deadline for filing my taxes?
Tara Al-Khudairi is a freelance personal finance writer who has 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.