Navigating This Year’s Tax Season
In a year of ongoing adjustments and economic shifts, the Canada Revenue Agency (CRA) has drawn the line for filing. It’s time to pull together your paperwork, adapt to any new tax changes, and ensure you meet your obligations on time. The deadline for filing your 2023 return is April 30, 2024.
There are three significant – and imminent – deadlines that you should be aware of:
- The personal tax deadline is April 30, 2024
- The self-employed tax deadline is June 15, 2024 (June 17, 2024, since June 15 is a Saturday)
- The tax payment deadline is April 30, 2024
Are You an Employee or a Contractor?
If you are employed by a business in Canada, your new tax deadline is June 1st. This category includes part and full-timers employed by small and large businesses in Canada, as well as anyone working for a staffing or outsourcing organization that provides an Employer of Record service.
For self-employed individuals, your deadline is June 15th. This category includes contractors, freelancers, many gig workers and even some people working through agencies. If you’re unclear about your employment status, get in touch with your employer immediately and ensure that you have all the necessary documentation pertaining to your employment in 2023.
Preparing to File
Before filing, ensure that you have all the necessary documentation to file your return including T4, T2200, expenses, receipts and contribution records. While keeping detailed household records can be challenging (though it doesn’t have to be), that’s actually the easy part. What’s often harder is keeping up with what’s changed from year to year, in terms of taxable benefits, available tax credits and contribution and taxable limits.
Be sure to do some research into what’s changed for 2024 – and preferably not during the night before your deadline.