As you begin to prepare your 2022 tax return, it is helpful to make sure that you’re aware of important upcoming dates and deadlines (some have already passed) so that you have everything you need to file your return with the least amount of hassle.
Important Dates for 2023
March 1st
RRSP Contribution Deadline
The deadline for making RRSP contributions for the 2022 tax year was March 1, 2023. For your total RRSP contribution limit for the 2022 tax year, you can consult your Notice of Assessment (NOA) or My Account information on the Canada Revenue Agency (CRA) website.
May 1st
Tax Filing Deadline for Individuals
Unless you are self-employed, the deadline to file your 2022 personal income tax return is May 1, 2023. However, the CRA advises individuals who expect to receive GST Credit or Canada Child Benefit benefits to file their tax returns as soon as possible to ensure their entitlements for the 2023-24 benefit year are properly determined.
June 15th
Tax Filing Deadline For Self-Employed Individuals
If you are self-employed, the deadline to file your 2022 taxes is June 15, 2023.
Next, here is an estimate of when you can expect tax documents from your investment management firm.
January 28th
RRSP Contribution Receipts
A list of all RRSP contributions made between March 2022 and December 2022.
February 25th
Tax slips for individual and corporate accounts (T3, T5, T4A, T5008)
These slips will be issued if you earned interest, dividends, or capital gains in a Personal, Joint, or Business account, depending on the investments you have in those accounts.
The T3 and T5 slips issued on February 25 are mostly related to mutual funds.
You can also use Online Access to run the Realized gain/loss report to get more information on capital gains and losses reported on the T5008.
Note: Any T3 or T5 slips for your holdings in external mutual funds will be issued directly to you by the external mutual fund company based on the timeline determined by the issuer.
February 25th
RRSP, Spousal RRSP, RRIF, Spousal RRIF, LIF (T4RSP/T4RIF slips)
These slips confirm the amounts withdrawn from these accounts that have been reported to the CRA.
Mach 25th
RRSP Contribution Receipts, First 60 days of 2023
This receipt will provide proof of all RRSP contributions made in the first 60 days of 2023 (if applicable). To the extent that you have available RRSP contribution room, these contributions are deductible on your 2022 tax return.
Tax Slips for Equity Securities (T3, T5, T5013)
If you have earned any interest, dividends, capital gains, or partnership income from securities held in a Personal, Joint, or Business account, you will receive these slips.
A Few More Important Reminders
2022 TFSA limit: $6,000
2023 TFSA limit: $6,500
2022 RRSP limit: 18% of income, to a maximum of $29,210
2023 RRSP limit: 18% of income, to a maximum of $30,780