CRA Tax Filing Deadlines 2024, Eligibility for Return, How to file online?

For most Canadians, the deadline to file their 2023 tax return is April 30, 2024. Self-employed individuals have a deadline until June 17, 2024, to file. If you owe money, it’s due by the filing deadline. Filing on time ensures timely benefit payments.

CRA Tax Filing Deadlines 2024

The deadline for most Canadians to file their 2023 tax return is April 30, 2024. This applies to individuals who are not self-employed and do not have any business income to report. 

If you owe money to the CRA, this is also the payment due date. By filing on time, you’ll avoid delays in receiving any benefit or credit payments you may be entitled to.

If you or your spouse or common-law partner are self-employed, you have an extended deadline to file your 2023 tax return, i.e., June 17, 2024.

• OTB Payment Dates 2024
• GST Payments Dates 2024

CRA Tax Filing Eligibility 

There are situations where filing a return is mandatory and others where it’s optional but can benefit you. 

Mandatory Filers:

• You owe taxes to the CRA, even a small amount.
• You’re self-employed and have to pay Canada Pension Plan (CPP) contributions or Employment Insurance (EI) premiums on your self-employment earnings.
• You want to claim benefits or credits, like the GST/HST credit, the Canada Child Benefit, or the Working Income Tax Benefit.
• You participated in programs like the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) and have repayments owing.
• You disposed of capital property, even if you don’t owe capital gains tax (due to the principal residence exemption).

Optional Filers (May Get Refunds):

• You had no taxable income but received a slip with income information (T4, T5, etc.).
• You want to reduce your tax burden by carrying forward net capital losses from previous years.

Not Required to File:

• You were a resident of Canada for tax purposes but had no income to report and didn’t owe any taxes.
• You were a non-resident of Canada (lived here less than 183 days in a year) and don’t have specific types of income from Canada (like rental income).

How to file CRA Tax 2024?

To file taxes online in Canada, you can use certified tax software like NETFILE, which allows electronic filing of your tax return with the Canada Revenue Agency (CRA).

• Gather all necessary documents to report income, claim deductions, and credits.

• Select a NETFILE-certified tax software from the CRA’s list, ensuring it is approved for the tax year you are filing for.

• For the 2023 tax year, you may need to enter an Access code provided on your Notice of Assessment when filing electronically with NETFILE.

• Use the chosen tax software to complete your tax return and file it electronically to the CRA or Revenu Québec.

• Review your return for accuracy, claim any deductions or credits, and submit your tax return through the software.

Essential Considerations for Filing CRA Tax 

Some important things to keep in mind while filing your taxes in Canada:

Before you File:

• Gather your documents: This includes your T4 slips (employment income), receipts for deductions (medical expenses, charitable donations), and any other relevant documents like RRSP contribution receipts or capital gains/loss information.
• Choose a filing method: Decide whether you’ll use NETFILE-certified software or the CRA’s Web Forms service. Software offers more guidance and features but may have a cost, while Web Forms are free but have limitations for complex situations.
• Understand deadlines: The main filing deadline for most Canadians is April 30th for the previous year’s return (2023 tax return in 2024). Self-employed individuals have an extended deadline of June 17th. Missing deadlines can result in penalties and interest charges.
• Consider your filing status: Being single, married, or common-law can affect your tax liability. Explore if filing jointly with a spouse offers any tax benefits.

While Filing:

• Accuracy is key: Double-check all your entries and ensure the information on your return matches your slips and receipts. Even minor errors can delay processing or result in penalties.
• Claim all eligible deductions and credits: Carefully review the CRA website for a list of deductions and credits you may be eligible for. Taking advantage of these can significantly reduce your tax bill or lead to a refund.
• Keep it organised: Maintain a filing system for your tax documents throughout the year. This makes filing next year smoother and simplifies your record-keeping in case of an audit.