2023 tax credits, due dates and when you can file: Your 2023 income tax return guide
We have everything you need to know about tax credits, changes and deadlines, and more. Get the info you need to prep and file your 2023 income tax return.
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We have everything you need to know about tax credits, changes and deadlines, and more. Get the info you need to prep and file your 2023 income tax return.
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns. But, first, let’s look at the upcoming deadlines.
New alternative minimum tax changes: As of January 1, 2024, the AMT rate is 20.5% (previously 15%). Essentially, the AMT is a minimum level of tax for Canadians who claim certain deductions, exemptions and/or credits to reduce how much personal income tax they pay. The change doesn’t apply to 2023 income tax returns, though, and thankfully it doesn’t apply to most Canadians.
Deadline extended for underused housing tax (UHT): For residential property owners with vacant or underused real estate who owed the UHT from their 2022 income tax return and have yet to pay it, know that the Canada Revenue Agency (CRA) extended the due date to April 30, 2024, with penalties waived.
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You may know that your income tax return is due on April 30, 2024, but that is not the only date to know about. Find out when you can download your T4s, your last chance to contribute to your registered retirement savings plan (RRSP), when to file and so much more. These are your 2023 income tax return deadlines.
Tax action item | Deadlines |
---|---|
GST/HST for business owners | Find it listed on your GST34-2 form, based on your reporting period. |
Tax installment dates for 2023 (self-employed, rental or investment income, etc.) | • March 15, 2023 • June 15, 2023 • September 15, 2023 • December 15, 2023 |
Tax installment dates for 2023 for self-employed in farming/fishing | December 31, 2023 |
Deadline for employers to issue your T4 | February 29, 2024 |
Last day to contribute to RRSPs for those aged 71 in 2023 | December 31, 2023 |
Last day to open, contribute to and apply for grant-matching for an RDSP for 2023 | December 31, 2023 |
Netfile opens for filing 2023 taxes | February 22, 2024 |
Last day to contribute to RRSPs for 2023 for those up to 70 years of age in 2023 | February 29, 2024 |
Deadline to file your taxes (Canadians and non-residents, unless you and/or your spouse is self-employed) | April 30, 2024 |
Deadline to pay outstanding taxes | April 30, 2024 |
Deadline to file your taxes if you and/or your spouse are self-employed | June 15, 2024 |
Deadline to file and pay taxes for someone who died, if they passed between January 1 and October 31, 2023 | April 30, 2024 |
Deadline to file and pay taxes for someone who died, if they passed between November 1 and December 31, 2023 | 6 months after the date of death |
Just like if you had an outstanding credit card balance, if you owe income tax in Canada you will have to pay interest on the balance owning. Thankfully, though, the interest rate is much lower for income tax than it is for credit cards.
How much interest would you owe on missed payments and outstanding taxes? Interest owed starts the day after the deadline: May 1, 2024. You could owe 5% of your balance owing, plus 1% for each full month you don’t file. Missed three years of income tax returns? You could owe 10% on your balance owed, plus an additional 2% for each month between the due dates and when you file your returns.
Read more on tax deadlines: Can you file multiple years of income taxes together in Canada?
Your tax situation may seem like an unknown but there are ways to gauge how much you could owe. You could look at your income tax brackets for Canada and the province or territory you live in. That can help with strategies like tax claims, capital losses with tax-loss selling, buying RRSPs and so on. Here are the federal tax brackets. Take a read of our in-depth annual feature about the Canadian, provincial and territorial income tax brackets.
Read more on tax brackets: Canada’s income tax brackets for 2023, plus the maximum tax you’ll pay based on income
Annual Income (Taxable) | Tax Brackets | Tax Rates | Maximum Taxes Per Bracket | Maximum Total Tax |
---|---|---|---|---|
Up to $53,359 | The first $53,359 | 15% | $8,003.85 | $8,003.85 |
$53,359 to $106,717 | The next $53,358 | 20.5% | $10,938.39 | $18,942.24 ($8,003.85 + $10,938.39) |
$106,717 to $165,430 | The next $58,713 | 26% | $15,265.38 | $34,207.62 ($18,942.24 + $15,265.38 |
$165,430 to $235,675 | The next $70,245 | 29% | $20,371.05 | $54,578.67 ($34,207.62 + $20,371.05) |
Over $235,675 | Over $235,675 | 33% | n/a | n/a |
Thankfully you have a few options for filing your taxes. You can do them yourself, either on paper or digital form, you can use an online tax prep tool or software, or you can hire someone. Of course, whatever route you choose, make sure you understand the process, your claims and if you have a balance owing or will be receiving a return. That way you don’t leave any money on (or under) the table.
Read more about filing income taxes for 2023:
There isn’t a tax credit, per se, for Canadians working from home. However, there are home-office deductions that can be made for some tax-paying Canadians to reduce their taxable income. New for 2023, though, is the elimination of the simplified method of calculating at-home office expenses, which allowed Canadians to claim $2 for every day worked at home as a deduction, up to a maximum of $500 for the year. Instead, the T2200 must be completed. Find about this form and the home-office claim changes for the 2023 tax year, by reading: Work-from-home tax credit: What Canadians can claim for 2023.
We get emails daily from Canadians asking about their particular tax situations, and we share those questions with our team of experts. And while everyone’s tax situation is unique to them, there are always other Canadians who can relate. Check out some of our most popular Ask MoneySense columns about taxes.
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What is rent benefits? How can I claim these?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I attended a supposedly FREE logging course while a student at Vancouver island university now I have received a T4A stating I have the free course cost as income …I am confused
I attended a supposedly FREE logging course while a student at Vancouver island university now I have received a T4A stating I have the free course cost as income …I am confused
When did I say that…????????
If there are multiple offsprings whose names have been added to a parent’s asset, do all of the offsprings need to file a T3? And can you file a T3 after filing the income tax already?