Get ahead on tax filing this year

Many Canadians file their taxes as soon as the season starts. Now that’s some organization! We’ll talk a little more about filing early later in this blog. For others that don’t usually file early, now is still a good time to think about the important documents you need to be able to file your taxes.

2023 Tax Dates to put on your Calendar

• Monday, February 20, 2023 - earliest day to file your taxes online

• Monday, May 1, 2023 - deadline to file your taxes

• Thursday, June 15, 2023 - deadline to file your taxes if you are self employed

Usually tax season in Canada ends on April 30, but this year that date is on a Sunday so we have until May 1 this year. Our February blog post this year was dedicated to helping you get your money and documents organized for 2023. If you read it, you’ll remember we talked about organizing your banking information, personal ID’s, employment documents and income tax receipts. Now is the time to put your organization to the test as you get ready for tax season!

Don’t stress though! We’re not going to make you go back and look at our February 2023 blog post. We’ve made a dedicated Tax Filing checklist below for you and linked all the important Tax slips you might need. If you’re looking for a complete list of tax slips, you can find them on the Government of Canada website here.

Your Tax Checklist

• Common documents

  • Receipts and tax slips to organize

  • List of your children’s names and birthdates (under 18)

  • Information about your spouse’s income, if any

  • Receipts for medical expenses

  • Receipts for childcare expenses

  • Copy of your direct deposit information

• Tax slips from the government and your employer(s)

  • T4 Statement of Remuneration Paid issued by your employer

  • T4A Statement of Pension, Retirement, Annuity, and Other Income

  • T4A(OAS) Statement of Old Age Security

  • T4A(P) Statement of Canada Pension Plan Benefits

  • T4E Statement of Employment Insurance and Other Benefits

  • T4RIF Statement of income from a Registered Retirement Income Fund

  • T4RSP Statement of Registered Retirement Savings Plan (RRSP) Income

  • T5007 if you received social assistance benefits in 2022

  • T2202A if you have a child attending college or university in 2022

  • RC62 if you received Universal Child Care Benefits

Should I File My Taxes Early?

Congratulations for making it to this point! We know that the check list above can be a bit of a doozy! We mentioned at the beginning of the post that many Canadains file their taxes early. Below, we have five reasons why people choose to file their taxes early. This should help you decide if filing early is something that might benefit you.

FIve Reasons to File Your Taxes Early

• Eliminate the stress of the deadline

• Get your refund sooner and keep your benefits

• Make fewer filing mistakes because you are not rushing and missing out on credits

• Secure a current tax return that can be used as a student, parent or community member to access student loans and other savings plans including RESP’s and RDSP’s for example

• More time to make a plan for any outstanding taxes

Where do I go if I Need Help?

If you’re still feeling a bit overwhelmed about tax season, do not worry. You can get free help for filing a basic tax return within your community though the Community Volunteer Income Tax Program (CVITP). You can learn more about this program and find a walk in, drop off, or virtual free tax clinic near you. Our Halifax Hub at MetroWorks offers this support and so does our Dartmouth Hub at Affirmative Ventures. Contact MetroWorks at 902 817 8033 or Affirmative Ventures at 902 209 1739.

We know that some reading this post might need more than just a basic tax return. For example, if you haven’t filed in a while but want to start so you can access some benefits, it will take a bit of extra work to get caught up. If you’re worried about your situation, reach out to us. We will listen and help get you the support you need within our community network.

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