It’s that time of the year again – income tax season.
According to the Canada Revenue Agency website, the 2022 return must be filed on or before April 30, 2023, and over payments are due April 30, 2023.
File your income tax return early or before the due date to avoid being charged interest and penalties, and to prevent a disruption to your benefit and credit payments, such as:
• GST/HST credit, including any related provincial or territorial credits.
• Canada Child Benefit (CCB), including related provincial or territorial payments.
• Old age security (OAS) benefits and Self-employed persons.
If you or your spouse or common-law partner carried on a business in 2022 with business expenditures relating mostly to a tax shelter investment, your 2022 return must be filed by April 30, 2023.
Other than those relating mostly to a tax shelter investment, your 2022 return must be filed by June 15, 2023. However, if you have a balance owing for 2022, you must pay it on or before April 30, 2023.
For more information about your income tax please visit the Canada Revenue Agency website at www.canada.ca.