Important Tax Dates for 2023

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Tax season is approaching faster than ever. With tax season officially kicking off on February 20, 2023 (the first day you are able to submit your tax returns for 2022), it’s important to make sure you are fully organized and prepared for the craziness that tax season brings. If you don’t understand how tax season works or you find it all very overwhelming and stressful – we got you covered! We have prepared all the deadlines and some tips that you will need to know this year to make your tax filing experience a breeze. 

Important Tax Dates

We have created a visual to help highlight all the important dates you need to know ahead of tax season:

We have created a public calendar that you can reference which includes all the above dates and more. To access the calendar, click here and add to your current calendar today!

Important Tips for Tax Season

With a lot of information out there regarding income taxes, it’s important to know which ones apply to you. Just Googling ‘Tax Filing 2023’ might not show you the results that are relevant to your income and/or your business’ income. Here are some tips that might help you during tax season this year: 

Sole Proprietors

  • A ‘sole proprietor’ is a business owned by one individual and is not incorporated

  • The deadline also applies to your spouse, even if they are not a business owner

  • For any balances owing to your income tax, the deadline is April 30.

  • Business income will be recorded on the T2125, as part of the T1 for tax purposes

  • All business deductions will be recorded on the T2125 (Statement of Business or Professional Activities)

For more information on sole proprietorship taxes, check out the CRA website
Partnership

  • A partnership is an association or relationship between two or more individuals, corporations, trusts, or partnerships that join together to carry on a trade or business

  • Instead of submitting the total income for tax purposes, every member of the partnership is required to take a share of the business’ income or loss on a personal tax return

  • Every partner is also required to submit all financial statements that apply to that share of financial records on their tax returns

  • For more information regarding partnership taxes, check out the CRA website

Corporation

  • A corporation is a separate legal entity that can enter into contracts and own property in its own name, separately and distinctly from its owners

  • All corporations are required to file a corporate tax return (T2), regardless of if the business earned any taxable income. This includes non-profit organizations, tax-exempt corporations, and inactive corporations.

  • Corporations are allowed to file returns electronically, but it is mandatory if the business exceeds $1 million in gross revenue

  • The federal tax rates for corporations are as follows: The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement. After the general tax reduction, the net tax rate is 15%. For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 9%.

For more information regarding corporate tax, check out the CRA website

With so much conflicting information on the internet regarding taxes, it’s important to make sure you are seeking advice from a tax professional to make sure that you are filing your taxes correctly. A tax professional is able to advise you on credits that you can potentially claim, how much taxes you will owe or how much your refund will be, as well as how to pay (if applicable). We also recommend that you check out the Canada Revenue Agency for any other questions or concerns you may have regarding your taxes. 


If you are unsure what credits work best for you, are behind on filing your taxes from previous years, or just need someone to file your taxes, Cobella Financial can help! Schedule a consultation with us today so we can work on those taxes and save you the headache!

Rachel Donaldson