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A Guide To Canada Tax Return Deadline 2024
During tax season, it can feel painful enough to pay CRA the tax we owe. It can feel even worse when we have to pay extra for something as simple as missing the tax filing deadline this year. So let’s both agree not to incur a 5% balance owing penalty and 1% more each month for late tax filing if we can help it. A guide to the Canadian tax deadline in 2024 would be extremely helpful.
We know how hard it can be to keep up with tax deadlines which is why we compiled all the most important dates in 2024 for tax filing in Canada! So, mark your calendars and let’s dive right in!
A Quick Lesson For The Tax Season
If there is one season you should never forget (apart from the holidays of course),it surely is tax season. Each year, Canadians prepare and submit their financial information for the previous tax year. It happens during the tax season, which typically begins in February when the Canada Revenue Agency starts accepting tax returns from taxpayers.
Most taxpayers are given until April 30th (May 1st if April 30th falls on a weekend) to file their income tax returns. Not meeting the tax filing deadline for 2024 in Canada could lead to penalty fees and charges.
What Does A Tax Deadline Mean to Individuals, Corporations, and Tax Preparers and Accountants?
Tax season for individuals
People living temporarily or permanently in Canada have tax obligations. Individuals who may need to file personal taxes are Canadian residents, immigrants, Indigenous peoples, factual residents, emigrants, and more. You can view the full list on the Canada Revenue Agency website.
For these individuals, tax season means the opportunity to pay taxes and in some cases to receive benefit payments.
Tax season for corporations
For businesses of all sizes, tax season is more than just paying tax, it is also an opportunity to claim qualified business expenses as tax deductions in order to reduce your business’s taxable income.
Tax season for tax preparers and tax accountants
During tax season, many tax preparers and tax accountants offer their services to individuals and corporations to help them prepare their taxes. They can assist with organizing your transaction records, tax planning, and preparation, and maximizing tax deductions. Whenever an accountant says they are in “busy season” or “tax season” they generally mean January to April of each year, which is when they are typically busiest.
DISCOVER: How To Find The Best Tax Accountant Near Me
2024 Tax Calendar And Deadlines In Canada
JANUARY
The first month of the year is the best time to create (for first-time users) or update your CRA My Account. It is better to start early since it may take time for CRA to verify your information, including your name, address, and contact information.
Preparing your CRA My Account gives you ample time preparing for Canada’s 2024 tax filing deadline. You can set up your account by visiting Canada Revenue Agency’s website and choose the e-services that fit your needs.
And while you are waiting for your information to be verified, it is a good time to collect, compile, and prepare all your receipts and other transaction records you may need for tax filing.
READ MORE: Free Resources
FEBRUARY
February 19th
- Official Start Of Tax Season
CRA opens its NETFILE; you can file your income tax digitally via NETFILE on this day, especially if you have prepared your tax returns early. You can learn more about NETFILE by visiting CRA’s page.
February 29th
- Deadline for distributing slips for the year ended December 31, 2023
By this date, you should already have the following slips:
T4RIF – Statement of Income from a Registered Retirement Income Fund
T4RSP – Statement of RRSP Income
T5 – Statement of Investment Income
T5008 – Statement of Securities Transactions
WHAT TO DO IF YOUR SLIPS ARE LATE OR LOST?
- Ask your employer or slip issuer (payer, administrator or financial institution) for a copy of the late or missing slip.
- Get a copy from CRA via My Account.
- You can estimate your income without tax slips but do include a note containing the slip issuer’s name and address, type of income, and your efforts to obtain the missing slips.
Attach the note to your return if you are filing paper returns. Save a copy of your payment stubs, the note, and the rest of your documents if you file returns electronically.
- RRSP Contribution Deadline
The contribution deadline for the tax-advantaged RRSP (Registered Retirement Savings Plan) for the year 2023 (if you have not yet turned 71 years old).
MARCH
March 15th
- Electronic Tax Return Filing Deadline For CAIP-Eligible Taxpayers
Residents of Alberta, Saskatchewan, Manitoba, or Ontario eligible for Climate action incentive payment (CAIP) should file their personal income tax returns electronically by March 10, 2024, if they wish to receive the April 14, 2024 issuance. If they file after March 10, 2024, then they will still receive their CAIP payment, only in a later issuance.
March 30th
- Deadline for distributing slips for the year ended December 31, 2023
By this date, you should already have the following slips:
T3 – Statement of Trust Income Allocations and Designations
T5013 – Statement of Partnership Income
APRIL
April 30th
- Tax Filing Deadline For Individuals
The deadline to file taxes this 2024 in Canada for your 2023 income tax return.
- Tax Payment Deadline (if April 30th falls on a weekend)
It is the last day to pay your taxes. You can pay your taxes online, in person, and by mail. Make sure to leave enough time for your payment to be processed.
The Canada Revenue Agency will start charging interest after the deadline.
Online Payment
- Online Banking
You can pay through online banking. Your payment will be processed on the same day or the next day.
- CRA My Account
You can pay through CRA My Account using your Interac Debit, Visa Debit, or Debit Mastercard. You cannot use your credit card.
Your payment will be processed on the same day or the next day.
- Pre-authorized debit (PAD)
You can pay through PAD, a secure, online self-service payment option, where the CRA can withdraw the payment amount from your checking account. You can also schedule future payments via PAD.
Please remember that it may take this method five days to process your payment, so make sure to set up your account and make your payment five or more days before the 2024 tax payment deadline in Canada.
- Credit and debit card, PayPal, Interac e-Transfer
You can use third-party service providers to pay online. The payment processing period depends on the provider, so it is safer to pay before the tax payment deadline for 2024.
Non-residents without Canadian bank accounts can use their internationally issued credit cards to pay as well. You can expect 1% to 2.5% service fees.
- Wire Transfer
For non-residents without Canadian bank accounts, you can pay via wire transfer.
In-person Payment
- Financial Institution
You can pay at your bank, financial institution, or credit union. Your payment will be processed on the same day.
- Canada Post
You can pay at your nearest Canada Post location. Your payment will be processed on the same day, however, expect service fees.
Mail Payment
You can mail your Canadian cheque or money order payment addressed to:
Canada Revenue Agency
PO Box 3800 STN A
Sudbury ON P3A 0C3
Make sure the cheque is payable to the Receiver General for Canada.
Your tax is considered paid once the CRA receives your payment, so make sure to mail your payment days before the deadline to give ample time for mail delivery.
JUNE
June 15th
- Self-employment Income Tax Filing Deadline
Last day of self-employment income tax return filing for self-employed individuals. Please note that tax payment for self-employed individuals is still due on April 30th.
What if…
I miss the deadline
If you miss filing tax return and tax payment, CRA will charge you a late filing penalty. In addition, CRA will also charge interest for your balance owed. The interest is 5% of your balance owing plus 1% for each full month you have not filed your return.
I am missing a tax slip
If you have not received your tax slips, you can request a copy from CRA. Visit Canada Revenue Agency’s website for your tax slips.
The second option is to provide an estimate on your CRA return without the missing slip. But make sure to attach a note with your slip issuer’s name, address, type of income, and what you are doing to get the missing slips.
Send your returns with your notes as well as save electronic copies of your note, payment stub, and other documents if you are filing your returns online.
I need help with the tax return deadline this 2024 in Canada
The last thing you want to happen is to incur unnecessary interest and penalties for missing the tax deadlines. Time is precious, and if you want to spend your time on more valuable tasks and have peace of mind that your taxes are done right, you should consider hiring a tax accountant or preparer.
A tax accountant in Canada can make tax season a breeze so you can focus on everything else you’d rather be doing instead of your taxes. You can rest assured that your CPA will stay on top of any tax filing deadlines, so you won’t have any interest and penalties to worry about.
LEARN MORE: The Ultimate Guide to Finding Accounting and Tax Services in Canada
Find your tax accountant in Canada today
Do you need a tax accountant to assist you with meeting the Canadian tax deadline 2024? At CPA Guide, we are committed to finding the right accounting services for your needs. We have a broad network of Canada’s best tax accountants waiting to help you.
Just let us know what you need and we will find the right tax accountant in Canada for you.
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