2023 Income Tax Preparation Tips for Individuals and Important Dates to Remember

As Canadians, filing taxes can be a stressful time of year. With the ever-changing tax laws, it can be difficult to know what deductions and credits are available to you and when you need to file your return. That’s why we’ve put together this list of tips on how to make the most of your 2023 Canadian income tax preparation.

Important Dates To Remember

The first date that everyone should remember is April 30th, 2023. This is the final day for individuals (other than self-employed individuals) to file their income tax returns without incurring any late filing penalties or interest charges. It is also important to note that if you owe money at the time of filing, interest will begin accruing on May 1st, so it’s best to get your taxes done as soon as possible!

It’s also important to remember that if you are self-employed or have an unincorporated business, you must file your return by June 15th, 2023. However, keep in mind that if you owe money at the time of filing, interest will begin accruing on May 1st regardless of whether or not you are self-employed.

Summary of Dates and Deadlines to Keep in Mind
– RRSP Contribution Deadline March 1, 2023
– First 2023 Tax Instalment is due March 15, 2023
– Personal tax return deadline is Monday May 1, 2023
– Personal tax return with business or Rental Income is due Thursday June 15, 2023, although any tax owing is due May 1, 2023

Tips For Preparing Your Return

When preparing your return there are a few things that should be kept in mind in order to maximize your refund or minimize your payment amount.

First and foremost is keeping accurate records throughout the year such as receipts for medical expenses and donations made as these can help reduce the amount of tax owed by claiming various deductions and credits available from CRA like disability tax credits or tuition fees amounts paid during the year.

Furthermore, ensure that all relevant documents such as T4 slips have been received before beginning the preparation process.

We welcome your inquiries, as part of our services we will provide advice on how best to maximize deductions and credits for which one may qualify for under certain circumstances.

Finally, remember that paying attention to RRSP contributions is important as these contributions will reduce your taxable income come April 30th.

Plan Ahead and Remember Key Dates

Filing taxes doesn’t have to be a stressful process if you plan ahead and take advantage of all available deductions and credits offered by CRA (Canada Revenue Agency).

Remembering key dates such as April 30th (for those who aren’t self-employed) or June 15th (for those who are self-employed) can save you from additional interest payments.

Ensuring accurate record keeping throughout he year can really help streamline your tax preparation process come next April!

Lastly, reach out to us. We can help! We will help you identify what deductions and credits may apply specifically for yourself or family members throughout the upcoming year!

By following these tips we hope that 2023 brings a stress free income tax season!

Happy filing!

Abacus on Harbour, Kincardine, ON

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Contact us via whatever method suits you best.

We’re Abacus On Harbour,

  • PHONE: (519) 389-7766
  • TEXT: (519) 389-7766
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