Month: January 2023

Want to Avoid Delays at Tax Time?

Filing and payment deadline

Excerpt from CRA Website.

You will be able to file your income tax and benefit return for 2022 starting on February 20, 2023. The deadline for most Canadians to file their income tax and benefit return for 2022 is April 30, 2023. Filing your return before the deadline will allow you to avoid interruptions to any refund, benefit or credit payments you may be eligible for.

Since April 30, 2023, falls on a Sunday, your return will be considered filed on time if the Canada Revenue Agency (CRA) receives it, or it is postmarked, on or before May 1, 2023. If you owe money to the CRA, your payment will also be considered on time if the CRA receives it, or a Canadian financial institution processes it, on or before May 1, 2023.

You have until June 15, 2023, to file your return if you or your spouse or common-law partner are self-employed. However, if you owe money, your payment is due on April 30, 2023. Your payment will be considered on time if the CRA receives it, or a Canadian financial institution processes it, on or before May 1, 2023.

Conveniently access or update your information

We encourage you to register for My Account at My Account for Individuals before the rush of tax season. Once you are registered for My Account, you will be able to access your tax information and easily change your address, phone number or other personal information that the CRA has on file. 

You should also register for direct deposit and make sure that your information is up-to-date before you file your return. By registering for direct deposit, your money will be deposited directly into your account at a financial institution.

If you have already registered for My Account, we invite you to sign in before the tax-filing season begins. We have additional security measures in place to protect your personal information. These include multi-factor authentication and proactively revoking user IDs and passwords that we think may be compromised to prevent unauthorized activity on taxpayer accounts. My Account users also need to have an email address on file to help protect their online accounts from fraudulent activity. If you do not currently have an email address on file, you will need to provide one when you sign in. Signing in before tax-filing season will help you avoid any delays accessing My Account.

One Time Top-Up to the Canada Housing Benefit

You may be eligible for the one-time top-up to the Canada Housing Benefit.

The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify.

The Canada Revenue Agency (CRA) administers this one-time payment. To apply for this new federal one-time payment, you do not need to receive other housing benefits such as the Canada Housing Benefit, which is co-funded and delivered by the provinces and territories.

Applications are open until Friday, March 31, 2023.

To see if you’re eligible and/or apply please visit the CRA Website.