INDIVIDUALS

May 1, 2023*  – Personal income tax returns (without self-employment income)

Last day to file Canadian personal income tax returns for individuals without self-employment income.

Exception re Preparing Returns for Deceased Persons

  • The filing deadline for personal returns may be later if an individual or spouse died during the year. For more information on the final return due date, please view the Canada Revenue Agency guidance on this link.

*Since April 30 falls on a Sunday.

INDIVIDUALS WITH SELF-EMPLOYMENT INCOME & SPOUSES OF SELF-EMPLOYED INDIVIDUALS

May 1, 2023 – Payment of Tax

Any tax owing must be paid no later than this date; however, your return is due on June 15, 2023.

June 15, 2023

Deadline to file your personal income tax return with self-employment income. See date above for income tax owing due date.

Note: The filing deadline for personal returns may be later if an individual or spouse died during the year.

CORPORATIONS

Corporation income tax returns (T2’s) are due no later than six months after the business’ year-end.  A corporation’s year-end varies, but the most common year-end is December 31.

Example: If a business has a December 31 year end for its 2022 fiscal year, its filing deadline is June 30, 2023.

PARTNERSHIPS

The partnership information return is due by March 31, 2023 if throughout the fiscal period, all partners are individuals.

If, throughout the fiscal period, all partners are corporations, including end members of tiered partnership, the partnership information return is due 5 months after the end of the partnership’s fiscal period.

In all other cases, the partnership return is due the earlier of:

  • March 31, 2023 and
  • the day that is five months after the fiscal period the partnership ended.

TRUSTS

For a T3 return (Form T3 RET, T3 Trust Income Tax and Information Return) your filing due date depends on the trust’s tax year-end.

You have to file a T3 return, the related T3 slips, NR4 slips, and T3 and NR4 summaries no later than 90 days after the trust’s tax year-end. You should also pay any balance owing no later than 90 days after that year-end.

Example: For a Trust with a calendar year-end (December 31, 2022), the due date is March 31, 2023.

OTHER DEADLINES

RRSP (Registered Retirement Savings Plan)
  • Deadline for contributing to an RRSP for the 2022 tax year is March 1, 2023.
  • December 31 of the year you turn 71 years of age is the last day you can contribute to your own RRSP.

Your annual RRSP contribution limit is the amount you are able to contribute to your RRSP each year. Contribution room is the lesser of:

  • 18% of your previous year’s pre-tax earnings, OR
  • the yearly maximum set by the CRA.
  • PLUS any unused RRSP deduction room from previous years (which carries forward indefinitely).

You can find your RRSP deduction limit on your latest notice of assessment or notice of reassessment from the CRA.

Tax-Free Savings Account (TFSA)
  • The contribution limit for 2023 is $6,500 (an increase of $500 from 2022)
  • If you have never contributed to a TFSA and have been eligible since its introduction in 2009, your cumulative contribution room will be $88,000 in 2023.

You can find more information about the TFSA on the CRA website on this link.