It is that time of the year when the Canada Revenue Agency (CRA) expects you to file your income tax and benefit return and pay any taxes owed to the government.
The tax filing deadline date for 2023 is May 1, 2023.
Read on to learn about the tax deadlines in Canada in 2023, late tax filing penalties, and how to file your income tax return for free.
Tax Filing Deadline in Canada
The tax return filing deadline for the 2022 tax year is April 30, 2023.
Because this date falls on a weekend, the tax deadline is extended until Monday, May 1, 2023.
If you are self-employed or have a self-employed spouse, your tax filing deadline is June 15, 2023.
Any tax balances owing must be paid by May 1, 2023, or you could be penalized.
Tax Dates For 2023
|Tax filing||Due Dates 2023|
|CRA open NETFILE||February 20, 2023|
|T4 and T5 due to employees and CRA||February 28, 2023|
|RRSP contributions due for 2022 tax deduction||March 1, 2023|
|Individual return tax filing deadline||April 30, 2023 (extended to May 1)|
|Tax filing deadline for self-employed individuals||June 15, 2023|
|Non-resident tax return deadline||May 1, 2023, or June 15, 2023, if a spouse is self-employed|
|Installment payment for individuals||March 15, June 15, September 15, and December 15|
|Final tax return (deceased individual) for death between Jan 1 and Oct 31||May 1, 2023|
|For death between Nov 1 and Dec 31||6 months after the date of death|
|Trust T3 return||90 days after the trust’s tax year-end|
|Corporate tax return due||6 months after year-end|
|Corporation tax payments||Monthly or quarterly with the balance due 2-3 months after year-end|
Penalties For Filing Your Taxes Late in 2023
If you don’t pay your taxes by the deadline date of May 1, 2023, CRA will start charging interest from May 2, 2023.
The current penalty on taxes owed is 5%, and you also pay a 1% penalty for each month your tax return is late (for up to 12 months).
If you are required to make installment payments and do not make them, you may have to pay installment penalties and interest.
How To File Your Tax Return in 2023
You can easily file your Canadian tax return in 2022 using free and paid online tax software.
TurboTax has provided tax filing services in Canada for over 20 years and has been used by millions.
This online tax preparation software offers both paid and free options, and you are guaranteed to get the maximum refund.
It is CRA-approved and also supports the CRA’s Autofill my return tool.
File your taxes for free or subscribe for the paid product if you have investment income, rental income, or capital gains/losses to report.
1. Wealthsimple Tax
Wealthsimple Tax (formerly SimpleTax) is CRA-certified tax software for filing your income tax return in 2023.
This free tax filing program guarantees you will get the maximum refund, and your tax return will be free of errors.
It also supports “Auto-fill my return” which makes it easy to pre-fill your data directly from the CRA onto your return.
Wealthsimple Tax has been used by more than 1 million Canadians.
Other tax software in Canada for the 2023 tax season are:
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- H&R Block Online
You may also be able to file your taxes using a CRA paper return or volunteer tax clinic.
Canada Tax Deadline FAQs
When is the last day to file taxes in 2023?
The tax filing deadline in Canada is on May 1, 2023.
Is there an extension to file taxes in Canada in 2023?
No, the tax filing deadline for 2023 has not been extended.
What happens if I miss the tax deadline in Canada?
You pay a 5% interest on taxes owed plus a late-filing penalty of 1% each month for up to 12 months.
When will I get my 2023 tax refund?
If you file your 2022 tax return online, your tax refund is usually deposited within 2 weeks.