Important Personal and Business Tax Deadlines 2023
As we approach the mid of the year, looking forward to the bright summer ahead, take a pause and make note of the approaching deadlines for various tax returns for the year 2022.
Here is a brief list of various approaching deadlines for all the tax return filings as mandated by CRA.
Personal Deadlines (T1 and GST/HST):
Individuals with self-employment income & spouses of self-employed individuals were required to pay their taxes by May 1st,2023.
Deadline to file your personal tax return is June 15, 2023.It is always advisable to file the return by the due date to avoid penalties later.
Similarly, for GST/HST, the payment deadline for self-employed tax payers was May 1st,2023 and the tax filing deadline is June 15,2023.
The late filing penalty is 5% of what you owe on your 2022 taxes plus an additional 1% per month after the filing deadline.
Corporation Deadlines (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.
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.
For corporations, the penalty for filing late is 5% for the taxes that have not been paid. Then an additional 1% is charged for each complete month past the filing deadline for up to 12 months.
It’s always advisable for Corporations to consult their accountants for filing the requisite returns. To make sure you get the right dates you can reach out to us for seamless filing at Rav Bhatia CPA Professional Corporation.
Partnership Deadlines(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 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 Deadlines (T):
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.
GST/HST 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.
More information on when to pay can be found on the CRA’s website.
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 take note of all the due dates as it could lead to significant late-filing penalties and interest if the deadlines are missed.
As a business owner or individual taxpayer, it becomes cumbersome to keep a track of all these deadlines.
In order to avoid late filings and penalties book a free consultation call with us today and we at Rav Bhatia CPA Professional Corporation will sail you smoothly through all the filing requirements.