Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning strategies. Some of the more significant dates and changes for individual taxpayers for 2023 are listed below.
RRSP deduction limit and contribution deadline
The RRSP current year contribution limit for the 2022 tax year is $29,210. In order to make the maximum current year contribution for 2022 (for which the contribution deadline will be Wednesday March 1, 2023), it will be necessary to have earned income for the 2021 taxation year of $162,275.
Tax-free savings account contribution limit
The tax-free savings account (TFSA) contribution limit for 2023 is increased to $6,500. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.
Taxpayers can find out their personal 2023 TFSA contribution limit by calling the Canada Revenue Agency’s Individual Income Tax Enquiries line at 1-800-959-8281. Those who have registered for the CRA’s online tax service My Account can obtain that information by logging into My Account.
Individual tax instalment deadlines for 2023
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th of March, June, September and December 2023.
The actual tax installment due dates for 2023 are as follows:
- Wednesday March 15, 2023
- Thursday June 15, 2023
- Friday September 15, 2023
- Friday December 15, 2023
Old Age Security income clawback threshold
For 2023, the income level above which Old Age Security (OAS) benefits are clawed back is $86,912.
Individual tax filing and payment deadlines in 2023
For all individual taxpayers, including those who are self-employed, the deadline for payment of any balance of 2022 taxes owed is Monday May 1, 2023.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2022 on or before Monday May 1, 2023.
Self-employed taxpayers and their spouses must file a 2022 income tax return on or before Thursday June 15, 2023.