Important Deadlines: 2023 Tax Returns to be filed in 2024
As the 2024 tax season approaches, taxpayers in both Canada and the United States must follow critical deadlines to ensure compliance and avoid penalties.
This year, individuals and businesses alike are preparing to file their 2023 tax returns, facing a landscape marked by evolving tax laws and potential fiscal challenges.
Staying informed about the key filing dates, from the opening of the tax season to the final deadline for submissions, is essential for efficiently managing one’s compliance responsibilities.
Canadian Deadlines for 2023 Tax Returns
Individual Taxpayers
For individual taxpayers, even if the deadlines are different depending on the tax residency status or self-employment, taxes still must be paid by April 30th, 2024.
Residents of Canada
Residents of Canada include both full-year and part-year residents including immigrants and emigrants.
You may have other reporting requirements as well such as T1134, UHT-2900 or T3 and the deadlines are different for those information returns. Please scroll through to the information returns.
The below deadlines do not include the instalment payment deadline. Please refer to your accountant’s instructions on when and how to pay instalments. Not paying instalments can bring penalties and interest.
Electronic filing is opening on February 19, 2024.
T1 – Individual income tax return for 2023 (Including those who moved to Canada or who moved out of Canada during 2023) | 2024-04-30 |
| T1 – Individual income tax return for 2023 – For self-employed individuals and/or their spouses | 2024-06-17 |
| Individuals – Income tax payment, including self-employed individuals | 2024-04-30 |
| RRSP Contribution – first 60 days of 2024 for the tax year 2023 (For emigrants, it must be 60 days from the date of emigration) | 2024-02-29 |
Nonresidents of Canada
Nonresidents must file tax returns by following the below schedule:
| Section 216 income tax returns (non-residents with Canadian rental income) NR6 approved – filing deadline | 2024-07-01 |
| Section 216 income tax returns – for CCA recapture on disposed of properties | 2024-04-30 |
| Section 216 income tax returns (non-residents with Canadian rental income) – tax payment deadline | 2024-04-30 |
| Section 216.1 income tax returns (Non-Resident Actors) – filing deadline | 2024-04-30 |
| Section 216.1 income tax returns (Non-Resident Actors) – filing deadline – Self-employed | 2024-07-01 |
| Section 216.1 income tax returns (Non-Resident Actors) – tax payment deadline, including self-employed | 2024-04-30 |
| Section 217 Income tax returns – filing deadline | 2024-07-01 |
| Section 217 Income tax returns – balance owing payment | 2024-04-30 |
| UHT-2900 – Underused Housing Tax Return for affected owners (Including exemptions) – filing and tax payment. For 2023 tax year. | 2024-04-30 |
| *(First year relief on UHT-2900: no penalties and interest if filed for 2022 tax year and paid before 2024-04-30) |
Businesses – Unincorporated
If you run an unincorporated business you generally report your income on Individual income tax return (T1). There is an automatic extension for filing tax returns until June 17, 2024. However, you must pay your taxes before April 30, 2024. If you are subject to information returns filing requirement, you must follow those deadlines.
Businesses – Corporations
| Corporate income tax return – CCPC – filing from the fiscal year-end date | 6 months |
| Corporate income tax return – CCPC – payment due from the fiscal year-end date | 3 months |
| All other corporations – Corporate income tax return due | 3 months |
| All other corporations – Corporate income tax payment due | 2 months |
| UHT-2900 – filing and payment due | 2024-04-30** |
| **2022 deadline was extended until April 30, 2024 | |
| GST/HST Returns, payroll source deductions, and other withheld amounts follow the corporation-specific schedule | Variable |
| Installments both income tax and GST/HST, follow the instructions of the tax preparer or CRA-issued schedule | Variable |
Information Returns
| Information Returns: T4, T4A, T5, T4A-NR | 2024-02-29 |
| Information Returns: NR4 | 2024-04-02 |
| Information Returns: T5018 (construction contract payments) – filing due date from reporting period | 6 months |
| T1135 – Foreign assets verification statement | Due with Tax Return |
| T1134 – Controlled and non-controlled foreign affiliates | Within 10 months of the tax year-end |
| T106 – Transfer pricing – Individuals | Individual T1 deadline |
| T106 – Transfer pricing – Corporations | 6 months after the tax year-end |
| RC4649 – Country-by-country report | 12 months after tax year-end |
Bare Trusts – New filing requirement
There is a new filing requirements for bare trusts. Previously bare trusts did not file the tax returns, it has changed now. A T3 must be filed by April 2, 2024.
Extensions:
No extensions at the moment.
U.S. Deadlines for 2023 Tax Returns
The U.S. individual tax returns are now open for electronic filing, effective January 29, 2024.
If you are a U.S. citizen or person, you must follow the deadlines strictly as the missed deadlines can bring substantial penalties due to the foreign assets.
The IRS and different states extend deadlines in certain situations, for example, disaster relief. Please always double check with your accountant or directly with the taxing authority before assuming any extension.
| 1040 – U.S. resident aliens, citizens, and green card holders living in the U.S. to file a tax return or an extension | 2024-04-15 |
| Deadline to pay taxes and file extensions (file the form to request an extension) | 2024-04-15 |
| 1040 – for U.S. citizens and residents, who are Canadian tax residents and abode in Canada (Verify with your tax advisor please) | 2024-06-17 |
| Form 3520-A filing deadline for certain applicable trust and gift filings | 2024-03-15 |
| To make treaty-based positions on form 8833 | Same as the tax return |
| FinCen 114 FBAR Filings – default April 18th with an automatic extension | 2024-10-15 |
| 1040-NR filers – received U.S. wages subject to withholding | 2024-04-15 |
| 1040-NR filers – did not receive U.S. wages subject to withholding | 2024-06-17 |
| 1040-NR filers – extended deadline (request extension) | 2024-10-15 |
| A closer connection statement for snowbirds, attach to 1040NR | same as 1040NR |
| Canadian corporation filing 1120F | 15th day of the 4th month after fiscal year end (FYE) |
| Canadian corporation filing 1120F, with no office or place of business (be careful, follow instructions on EIN Letter) | 15th day of 6th month after FYE |
| Form 5472 for U.S. LLCs treated as disregarded entities | same as the 1120F deadline |
| U.S. domestic corporations – 1120 filers | 15th day of the 4th month after fiscal year end (FYE) |
| U.S. S corporations – 1120S filers | 2024-03-15 |
| U.S. Partnerships or U.S. LLCs treated as partnerships- 1065 (for extension check with your cross-border accountant if 7004 can be filed) | 15th day of 3rd month |
| 8804, and 8805 for partnerships | March 15th (extensions possible) |
Please note that we may not be able to update this post with future updates or extensions. Therefore, we recommend to always check with your accountant to ensure that no deadlines are missed.
We provide a comprehensive income tax return preparation and electronic filing for both Canada and the United States.
