Why Wait? Common Questions Answered to Help You File Your Tax Return and Cross the Finish Line

Mark Virgil Lofranco • 27 November 2024

Haven't filed your 2023 Canadian tax return yet? With the tax deadline just around the corner, there's no need to worry. Filing your taxes might be simpler than you think.



Here’s everything you need to know to get your return in on time.

When Is the 2023 Tax-Filing Deadline?


Whether you're filing as an individual or self-employed, submitting your tax return on time helps you avoid penalties, interest charges, and delays in getting your refund.


  • Individuals: Your 2023 tax return is due by April 30, 2024. Any balance owing must be paid by this date. If you mail your return, ensure it’s postmarked by the deadline. For electronic submissions, file by midnight in your time zone.
  • Self-Employed Individuals: If you’re self-employed, the filing deadline is extended to June 17, 2024. However, if you owe taxes, you still need to pay by April 30, 2024, to avoid penalties and interest.
  • Deceased Persons: The deadline may vary if you are filing for a deceased person or their surviving spouse. Check the CRA website for specific rules.


What Happens if You Miss the Tax Deadline?


Filing after the deadline can result in a late filing penalty of 5% of your balance owing, plus an additional 1% for each full month your return is late (up to 12 months). Repeated late filing can lead to even higher penalties.


What Documents Do You Need to File Your 2023 Taxes?


To prepare your return, gather your income slips, receipts, and other relevant documents:


  • T4 Slip: Details your employment income, deductions, and tax withheld.
  • T4A Slip: Covers pensions, scholarships, and other sources of income.
  • T5 Slip: Reports investment income like interest and dividends.


Additionally, collect receipts for deductions and credits, such as charitable donations, RRSP contributions, childcare, medical expenses, and moving costs.


What If You've Lost Important Receipts?


Lost a document? No worries—you can request replacements:


  • T-slips: Download copies from your CRA My Account.
  • Medical Receipts: Contact your healthcare provider for reissued receipts.
  • Childcare Receipts: Ask your childcare provider for a new copy.
  • Donation Receipts: Reach out to the charity to resend the receipt.


If you use TurboTax, the Auto-Fill My Return feature automatically retrieves your slips from the CRA and imports them into your return.


Estimating Taxes Owed Before Filing


Canada’s graduated tax system means your tax rate depends on your income. To estimate what you owe, review the federal tax rates and income brackets for 2023. However, you won’t know the exact amount until you file and account for deductions and credits.


What If You Can’t Pay Your Taxes?


If you're unable to pay your taxes by the April 30 deadline, interest will start accruing on any unpaid balance. The CRA can take enforcement actions, such as garnishing wages or placing liens on property, if taxes remain unpaid. To avoid this, contact the CRA to arrange a payment plan.


Why Should You File Early Next Year?


Filing early means getting your refund sooner and reducing stress. It also allows time to address any issues, such as missing documents or errors. Plus, filing ensures you receive all eligible benefits, like the Canada Child Benefit (CCB) or the GST/HST credit.


File with Confidence


With the tax-filing deadline approaching, now is the time to act. TurboTax makes the process easy, offering tools to help you file confidently and avoid last-minute stress. Whether you're an individual or self-employed, TurboTax can guide you through your return, ensuring you meet the deadline and maximize your refund.


Key Takeaways


  • The 2024 tax-filing deadline for individuals is April 30, 2024. If you're self-employed, the deadline is June 17, 2024. However, if you have a balance owing for 2023, you must pay it on or before April 30, 2024.
  • Keep your information slips and tax receipts for at least six years after filing, in case the CRA audits your return.
  • Filing early can help you avoid last-minute stress and errors and give you time to gather any missing documents.

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