https://www.springfinancial.ca/blog/tax-tips/when-can-you-start-filing-your-taxes
When Can You Start Filing Your 2023 Taxes in Canada?
December 13, 2023
Most Canadians believe there are four seasons in a year, but that’s not entirely accurate. There are actually five seasons – winter, summer, spring, fall, and tax season! Now, whether you enjoy tax season depends on whether you are expecting to pay more tax or get a hefty tax return. Let’s be real – after paying tax on virtually everything it’s nice to get something back once a year.
If you are expecting a refund, you might be wondering how soon you can file your 2021 tax return. Here are some key dates to be aware of.
What is the deadline to file taxes in 2024?
Every person in Canada must file their own income tax and benefit returns each year. This year, every Canadian must file and pay their taxes by April 30, 2024. If you’re self-employed, the deadline is June 15.
But just because the due date is in April – there’s no reason to procrastinate and delay getting your refund.
The earliest date that the Canada Revenue Agency will start accepting electronically filed tax returns is February 21.
Keep in mind that some tax slips are not due until March, so it’s entirely possible that you might not have all the necessary information by February 20. Plus, it can take until mid-March for tax slips and other info the CRA requires to become available in their system in order to use the autofill sections on your online tax software.
RRSP contributions
Contrary to popular belief, the last day you can claim RRSP contributions on your 2023 taxes is not December 31, 2023. The deadline to make your final contribution for 2023 is actually February 29, 2024. Contributions made to your RRSP after this date cannot be claimed on your 2023 taxes and will instead be eligible for the 2024 tax year.
When can you expect your tax refund?
Government administrators are generally not known for their lightning-quick speed when it comes to processing documents, but when it comes to tax returns it’s quicker than you think.
Canada Revenue Agency will not guarantee a timeline, but they do have stated “goals” of getting your due money, as long as you file before or at the deadline.
If you file online, it’s the CRA’s goal to deliver your return within 2 weeks.
If you file by paper return, it’s the CRA’s goal to deliver your return within 8 weeks.
Of course, if for some reason they want to take a closer look at how you reported your income tax, in other words, “getting audited,” it can take much longer. There’s also a 16-week wait time if you’re filing from outside the country.