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The TN CPA Team is your source for the latest Canadian tax news and updates on changing tax laws.

We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.

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Personal Income Tax Return Filling Deadline

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The deadline for filing 2023 tax returns and payments is Tuesday, April 30, 2024. Typically, personal income tax returns, excluding those with self-employment income, are due by April 30th, along with any outstanding payments. Late filings or payments may incur penalties and interest charges.

Online Filing

For online filers, the Canada Revenue Agency (CRA) occasionally grants a grace period for those facing delays in submitting their returns electronically. However, any outstanding amounts must still be settled by April 30th to avoid penalties. Check the CRA homepage for updates on possible grace periods. While online filing via NetFile is permissible beyond the due date, it will be considered late.

Self-Employed Deadline

Individuals earning self-employment income have until Monday, June 17, 2024, to file their 2023 personal tax returns, with payments still due by April 30th. This extension applies to those conducting business during the year, excluding ventures primarily involving tax shelter investments. Additionally, spouses of self-employed individuals qualify for this extension. Notably, the legislation does not mandate exclusive self-employment to be eligible for the extension.

Hand-Delivering Returns

Many CRA offices extend their hours until midnight on the personal income tax return filing deadline to accommodate hand-delivered returns.

Financial Hardship Assistance

Taxpayers facing financial hardships or unforeseen circumstances like floods or fires may apply for Taxpayer Relief to manage their tax obligations.

We advise filing your tax return promptly to avoid late-filing penalties or seek relief in case of difficulties meeting tax obligations.

If you think you may have a problem meeting this year's deadline, contact our office immediately so we can assist you.

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Saturday, 27 April 2024

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