Individuals are required to file their 2023 tax returns by April 30, 2024, according to the Canada Revenue Agency (CRA). The usual deadline for submitting income tax returns for individuals is April 30 each year, with an extension to the next business day if April 30 falls on a weekend. 

Visit https://www.rctax.ca to learn more about tax preparation and filing for individual and business in Canada.

When Is the Last Day to File Taxes?

For those eager to file early, the CRA's NETFILE service will be open starting February 19, 2024, to receive electronically submitted returns. It's important to note that mailed responses must be received or postmarked by the due date, while electronically submitted returns must be submitted by midnight local time on the due date.

If you are self-employed, you have until June 17, 2024, to submit your income tax return. However, it's crucial to remember that if you owe taxes, the payment must still be submitted by April 30, 2024.

Business owners, specifically Sole-Proprietors or Partnerships, are required by the Canada Revenue Agency (CRA) to submit their returns by June 17, 2024, if their business fiscal year aligns with the calendar year. However, incorporated businesses may choose a non-calendar fiscal year, in which case their returns are due six months after the conclusion of their fiscal year.

For final tax returns, if you are the legal representative of a deceased person, it is your responsibility to ensure their last tax return reaches the CRA. If the individual passed away between January 1 and October 31 of the tax year, their return is due by April 30. If the death occurred between November 1 and December 31, the return is due six months after the date of their death.

In cases where the deceased person or their spouse/common-law partner is self-employed, the CRA extends the due date to June 17. However, it's important to note that interest begins to accrue as of April 30.

Learn more:

https://www.rctax.ca/services/personal-tax

https://www.rctax.ca/services/corporate-tax

https://www.rctax.ca/services/tax-preparation-filing

Are you ready to navigate the ever-changing landscape of Canadian taxes? In this episode of RC Taxation, we're diving deep into the hottest trends you need to know about in 2024.

First up, we'll explore the world of digital currency and its tax implications. Cryptocurrencies like Bitcoin and Ethereum are gaining traction, and the CRA is taking notice. We'll discuss the latest developments in this area and what it means for taxpayers who hold or trade digital assets.

Next, we'll turn our attention to the impact of remote work on tax residency. With more and more Canadians working from home, the lines between provinces are blurring. We'll explore how this trend is affecting tax residency and what you need to do to ensure you're compliant.

Of course, no discussion about tax trends would be complete without mentioning changes to tax credits and deductions. In 2024, we can expect to see updates to existing programs, as well as the introduction of new ones. We'll break down these changes and explain how they could affect your tax bill.

But that's not all! In this episode, you'll also learn about:

• The carbon tax and its impact on businesses and individuals.
• Tax tips for small business owners, including those operating online.
• Common tax mistakes to avoid and how to stay compliant.
• And as always, we'll have our expert guests on hand to answer your burning tax questions live!

So, whether you're a seasoned tax pro or just starting out, this episode is for you. Join us on RC Taxation as we demystify the hottest trends in Canadian taxes and help you navigate your tax obligations with confidence.

Subscribe to RC Taxation today and never miss an episode! Visit https://www.rctac.ca to learn more.