The Ultimate List Of Canadian Income Tax Deadlines For 2023
Are you a Canadian health professional looking to ensure your taxes are filed on time?
Keeping track of all the different income tax deadlines can be confusing and overwhelming, and tax season is approaching quickly. That's why we've put together this ultimate list of Canadian income tax deadlines for 2023.
The following is a list of important Canadian income tax deadlines for 2023:
2022 Income Taxes
The CRA has not announced the exact date when filing will open for 2022 income tax, though it is known to be sometime in February - and is usually Family Day. This gives you lots of time to complete your catch-up bookkeeping and plan ahead before filing season! If you're unsure where to start with your bookkeeping, check out our free Bookkeeping template!
2022 RRSP Contribution Deadline
As usual, March 1st will be the RRSP deadline, so any contributions you wish to make and expect a deduction for in your 2022 return must be made before this deadline.
Tax tip
Make sure to check with your accountant or financial advisor before making any lump-sum payments since there is a penalty for over-contributing to the program.
2022 Personal Income Tax Filing Deadline
Your personal income tax filing and payment are due on May 1, 2023, since April 30th falls on a Sunday. If you file late and have a balance owing, you will incur a 5% penalty plus an additional percent for each month late, so make sure to meet this deadline!
If you are unsure of whether you owe money, you can check your CRA account to review your tax returns from previous years, see any unpaid taxes or if you owe a late filing penalty.
2022 Self-Employed Income Tax Filing and Payment Date
If you are self-employed or your spouse (including your common-law partner) is self-employed, your filing due date is a bit later - June 15th. However, any balance owing is still due by May 1, 2023. That means that your payment deadline may arrive before you file your income tax return, so you may need to set up a direct deposit in advance.
2022/2023 Corporate Income Tax Filing and Payment Date
Corporate tax return filing is due 6 months after the end of your fiscal year-end. If your corporation has the calendar year as its fiscal year-end, then June 30th is the deadline for corporate tax filing.
Small businesses with corporate taxable income less than $500,000 have a due date of 3 months after your fiscal year-end to pay the balance owing. Otherwise, the rule is 2 months after year-end.
2022 GST/HST Returns
If you file monthly or quarterly, your filing and remittance are due by 1 month of the end of your reporting period throughout the year.
If you file annually, you must submit your filing and remittance within 3 months after the period ends, which is March 31st this year for sole proprietors.
2022 Employer Information Slip Deadline
Employers are required to provide and file information slips such as T4s and T5s to all employees and shareholders by February 28, 2023. If you are an employer, make sure to meet this deadline, or penalties can go up to $7,500 for late filing. If you are an employee or shareholder, reach out to your employer if you have not received your tax slips by the above date.
Be sure to mark these dates in your calendar to avoid filing your taxes late or making a late payment. Taking time to plan ahead will make filing taxes easier and help you avoid any hefty penalties.
FAQ
Q: What happens if I miss the filing deadline?
A: If you miss your filing deadline, you may be subject to penalties and interest. It’s best to file as soon as possible or contact the CRA for more information on late filing penalties.
Q: If I am a health professional operating as a sole proprietor, do I need an accountant to file my taxes?
A: Not necessarily, but it may be beneficial to have a professional review your taxes before filing. An accountant can help make sure you are taking advantage of all eligible deductions and credits, as well as ensuring that everything is reported accurately and on time.
Q: Are there special tax considerations for health professionals?
A: Yes. Health professionals may be able to deduct certain expenses, such as medical supplies, equipment and professional association memberships, that are not available to other taxpayers. Additionally, there can also be special tax rules for income splitting or transferring business income to family members. It is best to work with an industry expert to make the most of your tax return.
That's it! We hope you feel more at ease knowing all of the important 2023 income tax deadlines. Be sure to contact your accountant or tax professional if you have any questions about specific deadlines or amounts owing for your financial situation. Good luck with filing!
RESOURCES:
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