Getting Ready for Your 2023 Personal Income Tax Return
As we approach the tax season for 2023, it’s time to start preparing for the filing of your personal income tax return. Ensuring that you provide complete and accurate information will allow us to prepare your tax return efficiently and effectively.
Mandatory Electronic Filing:
The Canada Revenue Agency (CRA) requires approved tax preparers to file tax returns electronically. Rest assured that your tax return will be transmitted to the CRA in compliance with this rule.
Reporting the Sale of Your Principal Residence:
Did you sell your home in 2023? Remember that all taxpayers who sell their home must report the sale on their tax return, regardless of whether it was their principal residence for the entire duration of ownership. Additionally, failure to report the sale can result in substantial penalties, so be sure to provide us with the details if you sold your home during the tax year.
Foreign Property Disclosure:
If you are a Canadian resident individual who held property outside Canada with a total cost exceeding $100,000 CAD at any time during the tax year, there is special reporting to the CRA required. Furthermore, non-compliance with this requirement can lead to significant penalties, thus, ensure that you disclose any foreign property holdings to us.
Important Dates to Remember:
- February 29, 2024: Final date for 2023 RRSP contributions
- March 15, 2024: Payment due date for the first quarterly 2024 tax installment
- April 30, 2024: Payment due date for any taxes owing for the 2023 tax year
- April 30, 2024: Filing due date for most 2023 income tax returns
- June 15, 2024: Filing due date for 2023 income tax returns for self-employed individuals
Get in Touch:
If you have any questions or need assistance with your personal income tax return for the 2023 tax year. We’re here to help ensure a smooth and stress-free tax filing experience for you.
Stay proactive and organized to meet the upcoming tax deadlines, please reach out if you have any concerns or inquiries. We’re committed to assisting you with all your tax-related needs.