A new year has come, and you know what that means—it’s time to pay your taxes! As the months go on, you’ll receive tax forms and learn about the CPP payments and EI payments you’ve made, the income you’ve earned, and more.
The federal government offers a generous—but tight—timeline for tax returns. You have until April 30th to file your taxes, but there are many other dates you should know. This article will help!
January 1st – Tax Season Begins
Happy New Year! Why not start off the year with everyone’s favourite topic: Filing your taxes! It’s unlikely that you’ve received a T4 or any other tax documents at this point, but it’s never too early to start thinking about taxes. You may want to consider RRSP contributions, self-employed income, and other topics in your control.
January 31st – GST/HST Payments From October-December 2023 Are Due
Business owners collecting GST and HST must make their last payments for the 2023 tax year on January 31st. Simple enough!
February 19th – The Canada Revenue Agency NETFILE Service Is Available
Most of us don’t use physical forms to file our taxes anymore—filing online is the way to go, and the Canada Revenue Agency (CRA) NETFILE service is the only way to file your taxes online.
NETFILE isn’t available from January 27th, 2024, to February 18th, 2024—it has to make sure the system is ready for the influx of people who will file their 2023 tax returns. Be sure to file any previous tax years (2022 and before) before January 27th or file them with your 2023 tax return.
February 29th – The Last Day for RRSP Contributions
RRSP contributions can have a significant impact on your income tax return. These contributions are tax-deductible; The Globe and Mail has a convenient RRSP tax savings calculator you can use to see how contributions might reduce your taxable income.
February 29th is the last day you can make an RRSP contribution that is tax deductible for the 2023 season. We recommend doing all of your tax calculations earlier in the season and then determining whether or not more RRSP contributions can make a significant impact on your income tax return.
April 30th – The Last Day To File Your Tax Return
April 30th is the final date on which most individuals can file their personal income tax without incurring a late filing penalty if there’s a balance owing. This is the most important deadline to remember; be sure to file your income tax before this date! The government is not afraid to levy penalties, and they can be quite expensive.
June 15th (June 17th) – The Last Day for Self-Employed Individuals To File Taxes
June 15th is technically the last date for self-employed individuals to file taxes—sole proprietors are a good example of this class of individuals. June 15th lands on a weekend, however, so June 17th, 2024, is the actual last date for self-employed income tax filing.
Conclusion
By knowing the tax deadlines, you can be eligible for more deductions through your RRSP, and you can avoid penalties for late payment. Best of all, knowing the deadlines gives you plenty of time to enlist an expert. Hiring Compass Accounting to help with tax preparation in Winnipeg can help you ensure you get all of the deductions you’re eligible for. Call us today!