The holiday season is now officially over but tax season is just around the corner. It’s time to start adding important deadlines to your calendar to make sure you survive the 2023 tax season. Whether you are a corporation, small business or an individual filing your personal taxes, there are a few important deadlines to keep in mind.
When filing taxes for a business, it is important to familiarize yourself with the following dates:
- Payroll deductions, CPP contributions, and EI premiums need to be paid from your employees wages on the 15th of each month.
- Income tax installments are due on the last day of the quarter or the month.
- Two months after the tax year-end, all income tax payable needs to be paid.
- Three months after the tax year-end, Canadian Controlled Private Corporations that have claimed small business deductions will need to pay the balance they owe on the corporation tax.
- Six months after the end of the tax year, corporations should file a T2.
Are you an employee or self-employed? When filing your personal income tax return, your answer makes a difference. Self-employed individuals have extra time to prepare and file their tax returns.
- If you and your spouse or common law partner (if applicable) both are not self-employed, your deadline for submitting your tax return is May 1, 2023.
- If you or your spouse or common law partner (if applicable) are self-employed, your deadline for filing taxes is June 15, 2023. However, to avoid any additional charges, any owing balance should be paid by April 30, 2023.
It is important to note, taxes are considered on time if they are postmarked on the day of or the days before the deadline. If any of the deadlines fall on a Saturday or a Sunday, or a CRA recognized holiday, the deadline is moved to the next business day.
Planning ahead and filing your taxes on time is beneficial for you! The sooner you file, the sooner you will receive any refund you are entitled to. Additionally, you will be able to avoid any interruptions in benefits or credit payments and it will allow you more time to seek help if you need it.
In 2023, don’t let tax season stress you out – and if you need help, let’s talk. Give us a call or book a time with one of our experts to learn how LedgersOnline can help you this tax season.