2023 tax credits, due dates and when you can file: Your 2023 income tax return guide

What’s new for taxes?

New alternative minimum tax changes: As of January 1, 2024, the AMT rate is 20.5% (previously 15%). Essentially, the AMT is a minimum level of tax for Canadians who claim certain deductions, exemptions and/or credits to reduce how much personal income tax they pay. The change doesn’t apply to 2023 income tax returns, though, and thankfully it doesn’t apply to most Canadians.

Deadline extended for underused housing tax (UHT): For residential property owners with vacant or underused real estate who owed the UHT from their 2022 income tax return and have yet to pay it, know that the Canada Revenue Agency (CRA) extended the due date to April 30, 2024, with penalties waived.

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When do T4s come out for 2023, when are taxes due, and what other deadlines are there?

You may know that your income tax return is due on April 30, 2024, but that is not the only date to know about. Find out when you can download your T4s, your last chance to contribute to your registered retirement savings plan (RRSP), when to file and so much more. These are your 2023 income tax return deadlines.

Tax action item Deadlines
GST/HST for business owners Find it listed on your GST34-2 form, based on your reporting period.
Tax installment dates for 2023 (self-employed, rental or investment income, etc.) • March 15, 2023
• June 15, 2023
• September 15, 2023
• December 15, 2023
Tax installment dates for 2023 for self-employed in farming/fishing December 31, 2023
Deadline for employers to issue your T4 February 29, 2024
Last day to contribute to RRSPs for those aged 71 in 2023 December 31, 2023
Last day to open, contribute to and apply for grant-matching for an RDSP for 2023 December 31, 2023
Netfile opens for filing 2023 taxes February 22, 2024
Last day to contribute to RRSPs for 2023 for those up to 70 years of age in 2023 February 29, 2024
Deadline to file your taxes (Canadians and non-residents, unless you and/or your spouse is self-employed) April 30, 2024 
Deadline to pay outstanding taxes  April 30, 2024 
Deadline to file your taxes if you and/or your spouse are self-employed June 15, 2024
Deadline to file and pay taxes for someone who died, if they passed between January 1 and October 31, 2023 April 30, 2024 
Deadline to file and pay taxes for someone who died, if they passed between November 1 and December 31, 2023 6 months after the date of death

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What happens if you miss the income tax deadline in Canada?

Just like if you had an outstanding credit card balance, if you owe income tax in Canada you will have to pay interest on the balance owning. Thankfully, though, the interest rate is much lower for income tax than it is for credit cards.

How much interest would you owe on missed payments and outstanding taxes? Interest owed starts the day after the deadline: May 1, 2024. You could owe 5% of your balance owing, plus 1% for each full month you don’t file. Missed three years of income tax returns? You could owe 10% on your balance owed, plus an additional 2% for each month between the due dates and when you file your returns.

Read more on tax deadlines: Can you file multiple years of income taxes together in Canada?

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How much tax will you pay for 2023?

Your tax situation may seem like an unknown but there are ways to gauge how much you could owe. You could look at your income tax brackets for Canada and the province or territory you live in. That can help with strategies like tax claims, capital losses with tax-loss selling, buying RRSPs and so on. Here are the federal tax brackets. Take a read of our in-depth annual feature about the Canadian, provincial and territorial income tax brackets.

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