Tax season is around the corner, which means that it’s almost time to declare your income for 2023, making sure to claim all the tax credits and deductions available to you.
We’ve prepared a list of some common deductions and credits that could help you save big at tax time. You may also be eligible for deductions that are specific to your line of work; talk to your accountant to learn more.
First, here are a few key dates for tax season.
Calendar
Filing and payment deadlines
You must pay your taxes for any given year by April 30 of the following year.
- If you are an employee, the deadlines for filing and paying your income taxes are the same: April 30, 2024.
- If you or your spouse are self-employed, you have until June 15, 2024, to file your return. In 2024, June 15 falls on a Saturday, so your tax return will be considered on time if it is received on or before June 17, 2024. You still need to pay your income taxes by April 30, 2024, to avoid paying interest on the balance owing.
- If you have a balance owing, make sure to meet these deadlines. If you miss them, you will incur a late-filing penalty, as well as interest on the amount due.
RRSP deadlines
RRSP contributions made during the first 60 days of the year can be claimed as deductions from either that year’s income or the previous year’s income.
- You have until February 29, 2024, to make RRSP contributions that can be deducted from your 2023 income.
- You must declare these contributions on your 2023 tax return, even if you carry forward the deduction to use in 2024 rather than in 2023.
- If you benefited from the HBP program and have started making repayments to your RRSP, you have until February 29, 2024, to make your repayment for 2023 along with any RRSP contributions.
Filing your tax return
Required documents
Before filing your tax return or handing things over to your accountant, make sure you have all the receipts, tax slips, and documents you need.
- Some documents, such as RRSP contribution receipts and tax slips for employment and investment income, will be generated automatically by third parties.
- Other documents, such as receipts for deductible expenses, are your responsibility to obtain and keep for at least six years.
Common deductions and credits
If you have information or documentation related to any of the topics below, let your accountant know. They can check whether you are eligible for any of the following common deductions and credits.
✅ Child care expenses |
| For eligible child care expenses paid during the tax year. If you received advance payments of the tax credit for child care expenses during the same tax year, the advance payments must be taken into account. |
✅ Support payments |
| For support payments made to an ex-spouse. Note that support payments received from an ex-spouse are taxable income. |
✅ Carrying charges |
| For certain carrying charges and interest expenses related to non-registered investments or income properties, for example. |
✅ Medical expenses |
| For eligible medical expenses incurred over a twelve-month period (not necessarily the calendar year), over and above a threshold determined by several different factors. |
✅ Buying a home |
| For qualifying first-time home buyers who intend to use the home as their principal residence. |
✅ Tuition fees |
| For eligible tuition fees paid during the tax year. Tuition amounts can also be carried forward to a future year or transferred to a spouse or spouse’s parent. |
✅ Donations |
| For eligible donations, particularly donations to registered charities. |
✅ Student loan interest |
| For interest paid on eligible student loans. |
✅ Moving expenses |
| For moving expenses related to an eligible relocation. Essentially, an eligible relocation is when an employee moves at least 40 kilometres closer to a new work location. |
✅ Losses of other years |
| For claiming capital or other losses from previous years that could not be deducted and were carried forward. You can usually find information about unused losses on your most recent notices of assessment. |
There are also a number of tax measures specifically designed to support seniors and people with disabilities. If you think these measures might apply to you, make sure to research the additional deductions and credits to which you may be entitled.
