It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute. In this article, we will review all the important tax deadlines.

February 19, 2024 – That’s when you can start filing your 2023 tax return

That’s the date you can start filing your income tax returns. If you filed on paper last year, the CRA should mail you the 2023 Income tax package by February 19, 2024.

February 29, 2024 – T4, T4A, T5 Slips and Summaries

Deadline for businesses to file T4’s (wages) and T5’s (dividends) is February 29, 2024.

If you are a business owner, you have to give your employee their T4 slip and file your T4 return with the CRA on or before the T4 filing due date. The CRA considers your T4 return to be filed on time if it is received or if it is postmarked by the due date.

February 29, 2024 – Last Day for 2023 RRSP Contribution

Deadline for contributing to an RRSP for the 2023 tax year is February 29, 2024.

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.

April 30, 2024 – Personal Tax Filing Deadline

Circle April 30, 2024, on your calendar! This is the deadline for most Canadians to file their income tax and benefit return for 2023. You are considered to have filed on time as long as the CRA receives your return, or it is postmarked, by April 30. By filing your income tax and benefit return on time, you will avoid interruptions to your benefit and credit payments.

If you owe any money to the CRA, your payment is also due by April 30, 2024. By filing and making your payment on time, you will avoid a late-filing penalty and interest charges.

June 17, 2024: Individuals with Self-Employed Income Return Filing Deadline

If you or your spouse or common-law partner are self-employed, both of you have until June 15, 2024, to file your tax returns. As that date falls on a Saturday, your return will be considered filed on time if the CRA receives it or it is postmarked on or before June 17, 2024.

If you owe money to the CRA, you’ll still need to pay by April 30, 2024, to avoid interest.

Tax Deadline for Corporations

For business owners, the tax filing deadline varies based on your fiscal year-end, but it’s generally six months after the end of the fiscal period. For most businesses, this means six months after December 31st, although some corporations have a different fiscal year-end. For example: If a business has a December 31 year-end for its 2023 fiscal year, its filing deadline is June 30, 2024. The deadline is generally extended to the next business day if the filing deadline falls on a weekend.