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In the Classroom

faq

April 30 Cal.jpg

When is my tax return due?

Canadian personal tax returns and related tax payments are due on April 30

Tax returns for self-employed persons are due on June 15.

However, any amounts owing are due by April 30.

Refer to the CRA website for other due dates.

Organized Files

How long do I need to keep my records?

The Canada Revenue Agency requires that books and records must be retained for a period of six years from the end of the last tax year they relate to. 

Refer to the CRA website for further information.

Business Graphs

What are the federal tax rates for 2023?

  • 15% on the first $55,567 of taxable income, and

  • 20.5% on the portion of taxable income over $55,867 up to $111,733 and

  • 26% on the portion of taxable income over $111,733 up to $173,205 and

  • 29.32% on the portion of taxable income over $173,205 up to $246,752 and

  • 33% of taxable income over $246,752

Refer to the CRA website for a full list of income tax rates for individuals.

Business Graphs

What are the provincial tax rates for 2023 (Ontario)?

  •   5.05% on the first $51,446 of taxable income

  •   9.15% on the next $51,447-$102,494

  •  11.16% on the next $102,495-$150,000

  •  12.16% on the next $150,001-$220,000

  •  13.16 % on the amount over $220,000

Refer to the CRA website for a full list of income tax rates for individuals.

Checklist

What documents are required to file my tax return?

  • Previous year's tax return and notice of assessment

  • Personal information

  • T-slips

  • Other income and expenses

  • Receipts

Image by Scott Graham

What business expenses can I claim?

  • Only the portion of expenses that directly relates to your business can be deducted. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.

  • To simplify bookkeeping, use our Categorize Business Expenses list.

Refer to the CRA website for more information on claiming business expenses. 

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How can I submit my documents?

Click here for details on how to submit documentation to us.

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