15 Feb Important Tax Deadlines in 2023
As we are now in the first quarter of the year, it is important for Canadian business owners to be aware of the various tax deadlines in 2023. Here is a list of some key dates to keep in mind:
- February 28, 2023: This is the deadline for T4 (Statement of Remuneration Paid) and T5 (Statement of Investment Income) returns. Any corporation that pays salaries needs to file T4s annually. If your business issues dividends during the year then you will need a T5 filed.
- March 1, 2023: This is the deadline for Registered Retirement Savings Plan (RRSP) contributions for the previous year. It is important to note that there are limits to the amount you can contribute to your RRSP so please ensure you are aware of your limit before contributing. You can check your RRSP contribution limit by accessing your personal account with the Canada Revenue Agency (CRA).
- March 31, 2023: This is the deadline for T3 (Statement of Trust Income Allocations and Designations) and T5013 (Statement of Partnership Income). If you have a spousal, family or other type of trust then you may need to have a T3 filed on its behalf. If you are party to a partnership, then you will need a T5013 filed. Clearline can assist you with these various filings so be sure to reach out to your contact(s) at Clearline if you need some help.
- April 30, 2023: This is the deadline for most Canadians to file their personal income tax returns. If you owe taxes, they are also due on this date. If you are due a refund, there is no penalty for filing after this date but we strongly recommend that all of our clients file their personal tax returns by April 30. To achieve this, please send us the relevant information to prepare your personal tax return as soon as possible. If you are unsure of what to send, please reach out to one of your contacts at Clearline.
- April 30, 2023: This is the deadline for the filing of the new Underused Housing Tax return for those taxpayers with a filing obligation. Please refer to our separate article on whether you have a filing obligation.
- June 15, 2023: This is the deadline for self-employed individuals to pay any taxes owing for the previous year. If you miss this deadline, you may be subject to interest charges.
It is important to note that these are just some of the key tax deadlines for 2023 and there may be other deadlines that apply to your specific situation. For instance, GST deadlines can be either annual, quarterly, or monthly and the specific deadline dates will depend on your company’s GST filing period.
In conclusion, it is important to be aware of the various tax deadlines in 2023 in order to avoid any late-filing penalties or interest charges. If you are unsure about any deadlines that apply to your situation, you can check your business account with the CRA or contact us. With a little bit of planning, you can ensure that you meet all of your tax obligations in a timely manner.