Canadian Tax – Personal Tax Deadline 2023

Resources and Tools To Sort Out Your Personal Taxes in 2022

The tax season in Canada is a busy time for both businesses and individuals. Taxpayers have until May 1st, 2023 (since April 30th is a Sunday) to file taxes, so financial institutions, accountants, and other organizations are scrambling to ensure everyone meets this important deadline. Luckily, some helpful tools are available to help Canadians prepare their taxes in time and avoid any last-minute stress.

Check Out Online Resources

If you need help filing your taxes this year, there are several online resources available to help. For example, the Canada Revenue Agency’s website contains detailed information on all the tax regulations and deadlines for both individuals and businesses, including forms you can fill out to submit your taxes online. There is also plenty of advice and tips available to help you understand tax regulations or prepare for an audit if necessary.

Hire a CPA

In addition to online tools, many accountants and financial advisors offer services explicitly geared toward helping individuals and businesses meet their tax deadlines. CPA’s can provide valuable assistance with everything from preparing returns to reviewing your finances to ensure that you fully comply with tax regulations.

Whether you are filing your taxes or working with a professional, it is essential to meet the filing deadline of May 1st to avoid any penalties and/or fees. By taking advantage of the many resources available online and through financial professionals, you can be sure that your taxes and finances are in good shape

SRJ Chartered Accountants Professional Corporation is a cloud CPA firm based out of Toronto that specializes in helping individuals and corporations with tax planning and reducing taxes. If you want to learn more about how we can help you reduce your tax bill, contact us at info@srjca.com or 416-898-4235.

Plan Ahead This Tax Season

With the tax season quickly approaching, it is essential to start planning ahead to ensure you get the most out of your returns. This involves gathering all of your relevant financial documents and account information and consulting with a CPA for advice on maximizing deductions and minimizing taxes. By taking these steps early in the tax season, you can rest assured that your returns will be accurate and optimized for your financial situation. So if you’re looking for accountants in Toronto who can help you navigate the tax season, look no further than our SRJ Chartered Accountants Professional Corporation team. With years of experience and a proven track record of success, we are confident that we can help you achieve all of your financial goals. So contact us today to get started!

How To Avoid Tax Filing Scams and Frauds in Canada

Tax returns can be hard, This makes it easier for scammers to take advantage of your stress by trying to obtain sensitive information. Luckily, there are some precautions you can take to avoid being tricked Read on for advice on protecting yourself against tax return fraud.

  • One of the most common scams to watch out for is phishing, where scammers contact you using fake email addresses or phone numbers and try to trick you into revealing private information.
  • Another scam to look out for is tax return fraud.  This is , where someone else uses your social insurance number without your knowledge and files a tax return in your name. To avoid becoming a victim, always keep your social insurance number and other sensitive information in a safe location.
  • In addition to being vigilant about scams, you should also ensure that the tax service you use is legitimate. The best way to do this is by looking for firms and individuals with a Chartered Professional Accountant designation. This will help you feel confident that you are dealing with a reputable company.

If you want to avoid tax return fraud and scams this season, take these precautions to protect yourself. With these smart strategies in your back pocket, you can file your taxes confidently and get your refund in a timely manner

Personal Tax Deadline 2022

Like every year, there are various deadlines for the 2022 tax year that taxpayers need to keep in mind.  Your personal income tax return filing deadline is dependent upon your employment status.  The personal income tax return for 2022 has to be filed on or before May 1st, 2023 (since April 30th is a Sunday)), unless you are self-employed.

For individuals, spouses, and common-law partners who carried on business in 2022, your personal income tax return must be filed on or before June 15, 2023.  Any amounts owing to the CRA must be paid on or before May 1st, 2023.

Important Dates:

Tax return filing deadline for Personal Income Tax: To be filed on or before May 1st, 2023.

Tax return filing deadline for Self-Employed Individuals: To be filed on or before June 15, 2023.

*Any balance owed for taxes payable to the CRA for 2022 must be paid on or before May 1st, 2023.RRSP Contribution Deadline: The RRSP deadline for contributions related to the 2022 tax year must be made before March 1, 2023.

SRJ Chartered Professional Accountants are CPAs in Ontario who specialize in helping individuals and corporations with tax planning and reducing taxes  If you want to learn more about how we can help you reduce your tax bill, contact us at info@srjca.com or 647-725-2537.

FAQs

What are the tax deadlines for corporation income tax returns?

Corporation income tax returns in Canada must be submitted on or before the last day of the 6th month following the taxation year-end. For example, if a business with a December 31st year end submits its return after June 30th, It may incur a penalty for late filing. This rule also applies to electronic corporate income tax returns.

What do I do if I miss a deadline for filing tax returns?

If you miss your income tax filing deadline, there are several steps that you can take to minimize the impact and avoid any additional interest or penalties. First, you should determine whether or not you need an extension. Suppose your return is a few days late, but you have a valid reason for missing the deadline, such as severe weather conditions or a medical emergency. In that case, you can apply for an extension through the Canada Revenue Agency (CRA). You can also hire CPAs to handle your tax returns for you.

How do I request to file my tax returns via installments?

If you cannot pay your taxes in full by the due date, you can request to file your return on an installment basis. To do this, contact the CRA at 1-800-959-5525 and speak with a representative about your options. The CRA will generally approve installment payments if you demonstrate that you can make regular monthly payments and if you are able to provide a reasonable repayment schedule based on your current financial situation. Additionally, be aware that interest or penalties may be associated with filing returns on an installment basis. For example, if you miss a scheduled payment or fail to fully repay your taxes by the deadline, you may incur additional interest or penalties.