taxes

WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 1)

February 21, 2023 

Ottawa, Ontario 

Canada Revenue Agency 

Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion! 

We know that having the information you need on hand makes filing easier. Below, you’ll find what you need to know for this year, including what’s new. 

Filing and payment deadlines 

The deadline for most Canadians to file this return is April 30, 2023. Since April 30, 2023, falls on a Sunday, your return will be considered filed on time if the Canada Revenue Agency (CRA) receives it, or it is postmarked, on or before May 1, 2023. 

If you or your spouse or common-law partner are self-employed, you have until June 15, 2023, to file on time. Filing your return before the respective deadline will allow you to avoid interruptions to any benefit or credit payments you may be entitled to. 

If you have a balance owing, your payment is due on April 30, 2023. Your payment will be considered on time if the CRA receives it, or a Canadian financial institution processes it, on or before May 1, 2023. 

Please see our next posts to continue reading the article.

The original article can be found here 

*The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions, a further review should be done by a qualified professional.

No individual or organization involved in either the preparation or distribution of this text accepts any contractual, tortious, or any other form of liability for its contents.

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