faq
When is my tax return due?
Canadian personal tax returns and related tax payments are due on April 30
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Tax returns for self-employed persons are due on June 15.
However, any amounts owing are due by April 30.
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Refer to the CRA website for other due dates.
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.
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Refer to the CRA website for further information.
What are the federal tax rates for 2023?
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15% on the first $55,567 of taxable income, and
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20.5% on the portion of taxable income over $55,867 up to $111,733 and
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26% on the portion of taxable income over $111,733 up to $173,205 and
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29.32% on the portion of taxable income over $173,205 up to $246,752 and
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33% of taxable income over $246,752
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Refer to the CRA website for a full list of income tax rates for individuals.
What are the provincial tax rates for 2023 (Ontario)?
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5.05% on the first $51,446 of taxable income
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9.15% on the next $51,447-$102,494
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11.16% on the next $102,495-$150,000
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12.16% on the next $150,001-$220,000
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13.16 % on the amount over $220,000
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Refer to the CRA website for a full list of income tax rates for individuals.
What documents are required to file my tax return?
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Previous year's tax return and notice of assessment
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Personal information
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T-slips
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Other income and expenses
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Receipts
What business expenses can I claim?
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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.
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To simplify bookkeeping, use our Categorize Business Expenses list.
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Refer to the CRA website for more information on claiming business expenses.
