As Canadians prepare for the tax season in 2024, understanding and planning for crucial deadlines is essential. At TaxAssist Canada, we recognize the significance of timely and accurate tax filing, and we're here to provide you with expert guidance and support every step of the way.
Tax Filing Deadlines
- For Individual Taxpayers:
The deadline for filing your 2023 tax return is April 30, 2024. It's crucial to mark this date on your calendar and ensure that you have all the necessary documents ready for submission. Remember, if April 30 falls on a weekend, the CRA extends the deadline to the following business day. - For Self-Employed Individuals:
If you're self-employed, you have a bit more time to prepare your income tax return. The deadline is extended to June 17, 2024. However, it's important to note that if you owe taxes, payment is still required by April 30, 2024, to avoid penalties and interest charges.
Preparing for Tax Season: A Checklist
- Gather Important Documents:
Collect all relevant documents, including T4 slips (employment income), T5 slips (investment income), receipts for deductions and credits, and any other income-related documents. - Organize Receipts and Records:
Sort and organize receipts for deductible expenses, such as medical expenses, charitable donations, tuition fees, and business expenses for self-employed individuals. - Review Previous Tax Returns:
Take a look at your previous tax returns to ensure consistency and identify any changes in your financial situation that may impact your tax filing this year. - Consider Tax Credits and Deductions:
Familiarize yourself with available tax credits and deductions, such as the Canada Child Benefit, RRSP contributions, and tuition credits, to maximize your tax refund or minimize your tax payable. - Explore Tax Planning Strategies:
Consult with a TaxAssist accountant to explore tax planning strategies tailored to your unique financial situation, such as income splitting, retirement planning, and investment strategies. - Review and Double-Check:
Before submitting your tax return, review all information carefully to ensure accuracy and completeness. Double-check calculations, deductions, and credits to avoid errors or discrepancies.
Date published Mar 19, 2024 | Last updated Mar 19, 2024
This article contains general information only and should not be relied upon for accuracy or completeness. You should seek appropriate tax or accounting advice from a qualified accountant before you take, or refrain from taking, any steps based upon this article. This article should not be construed as tax, accounting or other professional advice and QX Franchise Limited (Master Franchisee for TaxAssist in Canada) disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this article.Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 3 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.