Tax Return Deadlines in Canada 2023

Individuals (T1) – May 1, 2023

The deadline for the 2022 personal income tax return (without self-employment income) is May 1, 2023 (since April 30, 2023, falls on a Sunday). Any tax owing must also be paid by this date.

The Canada Revenue Agency (CRA) will open its NETFILE service in February 2023 to electronically receive submitted tax returns. The exact date for early filing is still to be determined by CRA.

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Self-Employed Individuals (T1 and GST/HST) – June 15, 2023

June 15, 2023 is the tax return deadline for submitting an income tax act for self-employed individuals.

However, the payment should be submitted on or before May 1, 2023, if a taxpayer has any owing balance to the CRA for 2022.

Similarly, for GST/HST, the payment deadline for self-employed taxpayers is May 1, 2023, and the tax filing deadline is June 15, 2023.

Corporation (T2)

A corporation income tax return should be filed no later than six months after the tax year-end. The tax year of a corporation is its fiscal period.

Example:

• If a business’s tax year ends on March 31st, then its tax filing deadline is September 30th.
• If a business has a September 25th year-end for its fiscal year, then its filing due date is March 25th.

However, any tax owing should be paid 2 months after year-end, if all the revenue earned in the corporation is passive. However, if the company has active income subject to Small Business Deduction (SBD), then the tax owing is due 3 months after year-end.

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Partnerships (T5013)

If all the partners in the partnership are corporations, the tax filing deadline is 5 months after the end of the partnership’s fiscal year.

If all the partners are individuals, the filing deadline is March 31st after the calendar year in which the fiscal period of the partnership ended.

In all other cases, the tax filing deadlines are March 31st or 5 months after the end of the partnership’s fiscal period, whichever date is earlier.

Example:

Trusts and Estates (T3)

The due date for trust tax filing depends on a trust’s tax year-end. T3 returns, the related T3 slips, NR slips, and T3 and NR4 summaries should be filed no later than 90 days after a trust’s year-end. You should also pay any balance owing no later than 90 days after that year-end. As such, those with a 2022 calendar-year reporting period have until March 31st.

Generally, a trust’s taxation year is December 31st. However, an off-calendar year can be used for a deceased taxpayer’s estate during the 3-year period following the taxpayer’s death. If the estate still exists after the third year, then it must adopt a calendar year-end. The trust or estate will cease to exist once all the properties held have been distributed to the beneficiaries.

GST/HST Return Tax Deadlines

The due date for a GST/HST return could be monthly, quarterly, or annually.

If filed monthly or quarterly – filing and remittance are due within one month of the end of the reporting period.

Example:

• If the reporting period ends on September 30th, a filing and payment due date would be October 31st.

If filed annually – filing and remittance are due within three months of the fiscal period ends.

Example:

• If a fiscal period ends on June 30th, both filing, and a remittance would be due by September 30th.

It is important to note that sole proprietorships and corporations follow the same GST/HST rules. For instance, registration is mandatory for those that reach the $30,000 threshold.

For corporations, it is possible that the GST/HST reporting cycle could differ from the corporate tax reporting cycle (i.e., year-end) for various reasons. Therefore, management must be cognizant of all the due dates as it could lead to significant late-filing penalties and interest if the deadlines are missed.

RRSP (Registered Retirement Savings Plan)

The tax deadline for the 2022 tax year contribution is March 1, 2023.

The RRSP contribution limit is calculated as follows:

• your unused RRSP deduction room at the end of the preceding year

Plus

• The lesser of the two following items
• 18% of earned income reported in the previous year
• The annual RRSP limit (for 2022, the annual limit is $29,210; 2023 is $30,780)
• That exceeds one of the following items
• Your pension adjustment (PA)
• Your prescribed amount for connected persons

Plus

• your pension adjustments reversal (PAR)

Minus

• your net past service pension adjustment (PSPA)

December 31st of the year you turn 71 years of age is the last day you can contribute to your RRSP.

TFSA (Tax-Free Savings Account)

There is no tax deadline for TFSA contributions, as the unused contribution room is being carried forward into next year.

The contribution limit for 2023 is $6,500. 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