Tax Tips for the 2023 Tax Filing Season

February 22, 2024

Simon Labonté, CPA, Managing Partner

As the 2023 tax season gets underway, our professional team has prepared a helpful guide for
individuals and sole proprietors. You’ll find important dates, when to expect your tax slips, and tips to maximize your tax return.

Need help filing your 2023 taxes? Our team of accountants are here to make filing taxes simple and straightforward. You can count on our licensed tax experts to maximize your tax return and ensure your submission is complete, accurate, and filed on time. For more information, please visit our personal tax page.

Important dates for filing 2023 taxes

When filing your 2023 taxes, keep the following important dates in mind:

  • Personal taxes must be filed by April 30, 2024
  • If you are self-employed or your spouse or common-law partner is self-employed, your taxes
  • must be filed by June 15, 2024
  • All taxes owed for 2023 must be paid to the CRA by April 30, 2024

If you file your tax return after the due date and have a balance owing, you will be charged a late-filing penalty. Filing late may also delay your benefit and credit payments.

The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for every full month that you file after the due date, to a maximum of 12 months.

Learn more about late-filing penalties here.

Know when to expect your tax slips

You should receive most of your tax slips by the end of February, but some types of tax slips arrive later in the year.

Individuals can expect to receive their T4s (statement of remuneration paid by your employer) and T5s (statement of investment income from your bank) at the end of February.

Other tax slips—such as T3s (statement of trust income allocations and designations) may arrive closer to the end of March. If you are a partner in a professional firm, your T5013 (Statement of partnership income) will arrive around the end of March as well.

It is important to have all of your documentation in place before filing your 2023 taxes. If you file your taxes without reporting all of your income, you could face penalties or interest payments when the CRA assesses your file and flags the missing documentation.

Learn more about tax slips here.

Maximize your 2023 tax return in Canada

There are a variety of expenses you can claim on your 2023 tax return to help reduce the amount of tax you have to pay.

Individuals can claim expenses that may include but are not limited to:

Sole proprietors may claim the same as individuals, as well as expenses they incur in order to run their businesses, which may include but are not limited to:

For a complete list of eligible business expenses, please visit the CRA website.

Gather 2023 tax year documentation

To help prepare your personal taxes, you can download a T1 Personal Income Tax Package and complete the T1 Personal Tax Checklist. 

Sole proprietors can also download the tax package, and complete the T1 Personal Tax Checklist and the Statement of Business or Professional Income.

These documents will give your accountant a clear understanding of your income and expenses for the 2023 tax year. They guide the questions your accountant may ask, and outlines the documentation they can expect to receive—and when. Most importantly, it prevents the risk of an audit, which could lead to penalties or interest payments.

Consider working with a licensed tax professional

When you work with a licensed tax professional, you benefit from their expertise and understanding of the complex tax system and changeable laws and regulations. They can maximize your tax return while ensuring you are compliant with CRA regulations, reducing the risk of audit. 

You can count on TAAG’s team of licensed tax professionals to ensure your tax submission is complete, accurate, and filed on time.

Interested in a simple and straightforward tax experience? Contact us today to get started.

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