2023 Tax Deadlines and Updates
Deadlines:
Stay informed this tax season with deadlines including filing due dates and payment deadlines for 2023. Canadians are strongly encouraged to file their tax returns by the filing deadline to ensure that their benefit payments can continue without interruption.
For additional information on any dates and deadlines please refer to the official CRA website.
Updates:
Find key changes to the 2022 and 2023 Tax season that will affect your tax returns and processes. The below information is based on CRA and Ontario's official websites. For more information on each updates please visit the referenced websites.
Do not hesitate to contact us for any questions or queries.
Climate Action Incentive Payment (CAIP):
The Climate action incentive payment (CAIP) offsets the cost of the federal pollution pricing and is a tax-free amount paid to help individuals and families. To receive CAIP, you must be an eligible individual and you and your spouse or common-law partner must each file an income tax and benefit return for the year. It will be paid in installments throughout the 2023 year. For eligibility and payment schedules, please visit Tips to help you this tax season! - Canada.ca
Electronic Notice of (re)Assessments (NOA/NORA):
The CRA began the process of switching to electronic NOA/NORAs in 2022. Taxpayers may receive their Notice of Assessments (NOA/NORAs) through My Account, no paper copies will be issued unless returns are filed on paper. Individuals are encouraged to setup their My Account with CRA to get timely deliveries of all their tax documents. Below is a link on how to set up your CRA My Account. If you are having any issues please contact CRA to resolve them. Registration process to access the CRA sign-in services - Canada.ca
Tax-Free First Home Savings Account (FHSA):
The federal government proposed the introduction to the Tax-Free First Home Savings Account in 2022. This account will give prospective first-time home buyers the opportunity to save $40,000 on a tax-free basis, similar to a Tax-Free Savings Account (TFSA). Starting in 2023, the full annual limit of $8,000 will be available. The qualifying non-taxable withdrawal (i.e., when buying a first home) must meet certain conditions. For details and eligibility, please visit Design of the Tax-Free First Home Savings Account - Canada.ca
Ontario Staycation Tax Credit:
Ontario residents can claim 20% of eligible accommodation expenses in Ontario of up to $1,000 for individual or $2,000 for a family. The credit will be in effect for one year only and therefore, the stay must be for a period between January 1 and December 31, 2022. Eligible accommodation will consist of a leisure stay of less than a month at a hotel, motel, resort, lodge, bed-and-breakfast establishment, cottage, or campground in Ontario. The receipts must show that it was subject to HST. Please keep your receipts for records. This credit applies to 2022 Tax returns. For details and eligibility, please visit Ontario - Staycation Tax Credit