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What is filing a tax return?

A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

Is CRA extending the tax deadline for 2023?

Filing and payment deadlines The deadline for most Canadians to file this return is April 30, 2023. Since April 30, 2023, falls on a Sunday, your return will be considered filed on time if the Canada Revenue Agency (CRA) receives it, or it is postmarked, on or before May 1, 2023.

When can I file my 2023 tax return?

The deadline for filing federal income tax for 2023 is Monday, April 15, 2024. If youre wondering when you can file your 2023 tax return, the Internal Revenue Service (IRS) typically starts accepting tax returns in mid- to late-January each year.

What happens if I file my taxes late in Canada?

If you owe tax and do not file your return on time, you will be charged a late-filing penalty. The penalty is 5% of your current tax year balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.

How long do you have to file an income tax return?

By law, you have a three-year window from the original due date of your return to claim a tax refund. For example, if you dont file your 2022 return due on April 18, 2023, you have until April 18, 2026, to file and claim your refund.

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What is the timeline for CRA tax return?

Timelines for getting your refund The CRAs goal is to send your refund within: 2 weeks, when you file online. 8 weeks, when you file a paper return.

When must tax returns be filed by?

When to file. If youre a calendar year filer and your tax year ends on December 31, the due date for filing your federal individual income tax return is generally April 15 of each year.

How many years back can you file taxes in Canada?

How far back can you go to file taxes in Canada? ing to the CRA, a taxpayer has 10 years from the end of a calendar year to file an income tax return. The longer you go without filing taxes, the higher the penalties and potential prison term.

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