What is the earliest day you can file your Canadian taxes in 2023?

January 10, 2024

Tax season in Canada typically runs from February to April, during which time Canadian taxpayers are required to file their income tax returns with the Canada Revenue Agency (CRA).

The earliest day Canadians can electronically file their tax return is Monday, February 20, 2023, at 8:30 a.m. (Eastern Time).

Expect to file your taxes around March 10th.

That's because you probably won’t receive all of your T4s until late-February (the T4 deadline is February 28th). Some companies are always late, and don’t send out their T4s until March.

Some taxpayers may insist on filing early, only to realize a few weeks later that they forgot about a T4 that they received late in the mail. This can hurt taxpayers in a case where they repeatedly file taxes too early and forget to include all of their T4s. The CRA can impose omission penalties on repeat offenders who continuously forget to report all of their income.

The latest time Canadians can file their taxes without incurring penalties is on April 30th, which is the official deadline for filing income tax returns. However, if you or your spouse or common-law partner is self-employed, the deadline is extended to June 15th. It's important to note that even though you have until June 15th to file, you still have to pay any taxes owing by April 30th.

It's important to note that if you owe taxes and fail to file your return or pay your taxes on time, the CRA may charge penalties and interest on the unpaid amount. The penalty for failing to file a return on time is 5% of the unpaid tax plus 1% of the unpaid tax for each full month that the return is late, up to a maximum of 12 months. The interest charged on late payments compounds daily and is subject to change. Additionally, if you consistently fail to file your returns on time, the CRA may revoke your registration and impose additional penalties. It's also important to note that if you don't file your return on time, you may lose your eligibility for certain benefits and credits such as the Canada Child Benefit, GST/HST credit, and Old Age Security.

In summary, the earliest time Canadians can file their taxes every year is in February and the latest time without incurring penalties is on April 30th. However, if you or your spouse or common-law partner is self-employed, the deadline is extended to June 15th. It's important to file your taxes on time to avoid penalties and interest, and to maintain your eligibility for certain benefits and credits. So, file your taxes as soon as possible to avoid any issues and stay compliant with the Canadian tax laws.

For more information and updates from CRA: EFILE news and program updates - Canada.ca

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