With tax season officially upon us and Airdronians preparing to get their 2023 taxes filed, here are a few things you need to know beforehand. 

This year, the deadline for having your taxes filed is April 30. The earliest you can submit your taxes is February 19, while June 15 is the deadline if you are self-employed.

Fallon Lindsay, Partner at CMW Professional Corporation, explained there are quite a few changes this year, one of the most important ones being the increase in unpaid tax penalties.

"If you owe money on your taxes, and you don't pay it on time, they (the Canada Revenue Agency) will start charging you 10 per cent on the outstanding amount, and it can escalate from there if you continue to be late."

Lindsay went on to explain a good way to receive money from the federal government was the federal grocery rebate

"If you have filed your tax return in 2021, and you were eligible for the GST/HST credit at that time, you may be eligible for this grocery rebate."

According to Lindsay, this could be some money directly back into your pocket to help out with those rising food costs.

It's also important to know that Airdronians won't be able to claim the $500 for the COVID work-from-home expense or the Canada Worker Lockdown Benefit (CWLB). 

This year, the tax-free savings account (TFSA) and registered retirement savings plan (RRSP) limit have been increased. The limit for the TFSA this year is $7,000. When it comes to the RRSP, the limit for the 2023 year is an increase to  $30,780 while the final day to contribute to it is February 29.

"That's another way that you can take advantage of some deferral of tax and some savings into your future." 

The Canada Pension Plan maximum contributions have also increased. In 2023, the basic exemption is $3,500, and the maximum pensionable earnings are capped at $66,600.

The basic personal amount has also been increased for the 2023 tax year to $15,000. This implies that each Canadian will experience a slight increase in their return.

According to Lindsay, talking to your accountant about any of these subjects is always a good idea as they could potentially help you out in the long run.

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