Expert Fiscaliste’s Tax Calendar is neither a comprehensive review of the subject matter covered nor a substitute for specific professional tax advice. The tax dates discussed in this publication may or may not be appropriate for you. We encourage you to consult with an independent tax professional to confirm the relevant deadlines and the anticipated implications to your particular situation (with respect to the current tax legislation).
While most Canadians are aware of the normal April 30 personal income tax filing
deadline, there are other important tax deadlines that must be observed over the course of the year – especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day.
January
1-Jan
Tax-free savings account (TFSA) contribution limit
The TFSA contribution limit for 2024 is $7,000. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of uncontributed or re-contribution amounts from previous taxation years. For ,more information see https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
26-Jan
Interruption of services – System maintenance
Some Canada Revenue Agency systems will be undergoing annual maintenance. As a result, the following service interruptions will occur during the time frames noted below:
Online filing of prior year tax returns available until January 26
Canadian taxpayers can still file individual income tax returns for the 2017 to 2022 tax years using the Canada Revenue Agency’s online tax filing service NETFILE.
The NETFILE filing service provided for prior year returns will be available until Friday January 26, 2024. After that date, the NETFILE service will be offline and unavailable until it re-opens (around the middle of February) for the filing of individual income tax returns for the 2023 tax year.
More information on the NETFILE service for current and prior year returns can be found on the CRA website at https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/eligibility.html.
30-Jan
- Deadline to pay annual interest on family loans and company loans to avoid income attribution and to pay annual interest on company loans to reduce deemed taxable benefit.
- Payment Deadline – GST/HST/QST (Monthly or Quarterly Reporting) Payment and Filing one month after the end of the reporting period.
February
1-Feb
T2125 Business income
Business income is income you earn from a profession, a trade, a manufacture or undertaking of any kind, an adventure or concern in the nature of trade, or any other activity you carry on for profit and there is evidence to support that intention.
For those who are on a calendar year January 1st to December 31 2022, this information can now be collected.
T776 Rental Income
When you rent out property, you must report the income on your tax return, and you can also deduct related expenses. To determine income and expense amounts, there are a number of details to consider.
For those who are on a calendar year January 1st to December 31 2022, this information can now be collected.
14-Feb
- Deadline to reimburse your employer and reduce your operating cost benefits for the personal use of an employer-provided automobile.
19-Feb
NETFILE service for 2023 tax returns available February 19
The Canada Revenue Agency has announced that its services for the online filing of individual income tax returns for the 2023 tax year will be available in mid-February. Both NETFILE and ReFILE services will re-open on Monday, February 19, 2024, at 6:00 a.m. (Eastern Time).
More information on NETFILE and ReFILE services, including eligibility requirements and a listing of certified software which can be used for filing of returns for 2023, can be found on the CRA website at File your taxes online: Understand NETFILE(CRA) – Canada.ca.
28-Feb
- Filing Deadline:
- T4/RL-1, T4A/RL-1, T5/RL-3, T5008/RL-18 slips and summary information returns
- NR4 return
- Payment Deadline – final corporate tax balance due for non-CCPCs with calendar year-ends
- RL-31 (Quebec) SLIP obligations for landlord’s RL-31 Slip Obligations | Revenu Québec (revenuquebec.ca)https://www.revenuquebec.ca/en/citizens/your-situation/landlord/rl-31-slip-obligations/
March
1-Mar
RRSP deduction limit and contribution deadline
The RRSP current year contribution limit for the 2023 tax year is $31,560. In order to make the maximum current year contribution for 2023 (for which the contribution deadline will be February 29, 2024.
15-Mar
- CRA Auto-fill access to t-slips, RRSP, and other information from CRA My Account.
Individual tax instalment deadlines for 2023
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2023.
The actual tax instalment due dates for 2023 are as follows:
- Tuesday March 15, 2023
- Wednesday June 15, 2023
- Thursday September 15, 2023
- Thursday December 15, 2023
31-Mar
- Filing Deadline:
- T5013/RL-15 slips partnership annual information return (T5013)
- T3/RL-16 slips and trusts having a calendar year-end (T3)
- HST/GST annual return for other than self-employed
- Payment Deadline:
- final corporate tax balance due for CCPCs with calendar year-ends
- HST/GST balance due for other than self-employed
- GST/HST/QST (Annual Reporting) Payment and Filing three months after the end of the reporting period if your fiscal year ends on December 31st.
April
18-Apr
- Filing Deadline – If you are U.S. citizen living in Canada you must file a U.S. 2022 tax return (form 1040) and FBAR reporting on financial accounts held outside the US.
- TIP: U.S. Citizens living abroad are granted an automatic two-month extension (i.e. June 15th ) .
30-Apr
Individual tax filing and payment deadlines in 2022
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2021 tax year is Monday May 2, 2022.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2021 on or before Monday May 2, 2022.
Self-employed taxpayers and their spouses must file a 2021 income tax return on or before Wednesday June 15, 2022.
- Payment Deadline:
- final tax balance due for individual and self-employed
- HST/GST/QST balance due for individual and self-employed
- GST/HST/QST (Annual Reporting) (for sole proprietorships only) April 30th if your fiscal year ends on December 31st.
June
15-Jun
Individual tax instalment deadlines for 2022
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2022.
The actual tax instalment due dates for 2022 are as follows:
- Tuesday March 15, 2022
- Wednesday June 15, 2022
- Thursday September 15, 2022
- Thursday December 15, 2022
30-Jun
- CRA will generally have assess your tax return filled on or about April 30th. This assessment should be reviewed.
- Filing Deadline – Corporate income tax returns for calendar year-end corporations
September
15-Sep
Individual tax instalment deadlines for 2023
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2023.
The actual tax instalment due dates for 2022 are as follows:
- Tuesday March 15, 2023
- Wednesday June 15, 2023
- Thursday September 15, 2023
- Thursday December 15, 2023
If your estimated net income tax payable for the year or two preceding tax years exceed $3,000.
30-Sep
- Filing Deadline – Notice of objections must be filed within 90 days of the assessment notice for any tax issues that you wish to object to.
October
31-Oct
- Filing tax adjustments for prior years if required.
November
30-Nov
- Tax Planning:
December
15-Dec
Individual tax instalment deadlines for 2022
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2023.
The actual tax instalment due dates for 2023 are as follows:
- Tuesday March 15, 2023
- Wednesday June 15, 2023
- Thursday September 15, 2023
- Thursday December 15, 2023
If your estimated net income tax payable for the year or two preceding tax years exceed $3,000.
31-Dec
Old Age Security income clawback threshold
For 2022, the income level above which Old Age Security (OAS) benefits are clawed back is $81,761.
- Final payment date:
- Charitable donations
- Payment Deadline – Tax Deductions and credits
- Filing Deadline – Filing deadline – NR6 form
Disclaimer:
About Expert Fiscaliste
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Maximize your tax refund this year with Expert Fiscaliste tax services for your T1 and TP-1 2022 Income Tax Returns, call or text us at 514-954-9031 or send us a email will@expert-fiscaliste.ca or visit our web site. In addition, we offer an important advantage with CRA and Revénu Quebec being your Authorized Representative for all taxation years. We also provide a secure portal to securely share documents, data and reports. Contact us now at 514-954-9031, we are accepting new 2022 clients for a limited time..