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The income tax season has started.
As of the current date, 20.02.2023, the new income tax season for individual income taxes has started in Canada. Generally, the tax season for individual income taxes in Canada runs from February to April of each year, with the exact start and end dates varying depending on the province or territory.
Canada Revenue Agency & Revenu Quebec.
The new tax season has begun. Canadians will be required to file their income tax returns with the Canada Revenue Agency (CRA), and Revenu Quebec (for Quebec residents) and pay any taxes owed by the deadline, which is typically April 30th for most individuals. It is important for taxpayers to stay up-to-date on any changes to tax laws or regulations that may affect their returns and to seek professional advice if they have any questions or concerns.
For most individuals, the deadline is April 30th, and for self-employed individuals it is June 15th.
Here are some basic things to remember when filing income taxes in Canada:
Filing Deadline: The deadline for filing income taxes in Canada is April 30th for individuals. If you are self-employed, the deadline is June 15th, but any taxes owed are still due by April 30th.
Here are some basic things to remember about your income tax slips in Canada:
Required documents: You will need to have all of your T-slips (T4, T5, T3, etc.), receipts, and any other supporting documentation related to your income, expenses, and deductions. You will also need your Social Insurance Number (SIN) and your previous year’s tax return.
Here are some basic things to remember about tax credits in Canada:
Canada has many tax credits available to individuals. Make sure to review all available tax credits and deductions to maximize your refund.
Here are some basic things to remember about Tax-Free Savings Account (TFSA) in Canada:
Contributions to a TFSA are not tax-deductible, but any investment income earned in the account is tax-free. Make sure to report any contributions or withdrawals from your TFSA on your tax return.
