The CRA made this change after hearing feedback from individuals who file on paper. Income tax package is thinner than usual – Starting in 2024, the CRA will no longer print line-by-line instructions in the paper package. What’s new on the income tax and benefit return Sign up for direct deposit to avoid waiting for a cheque in the mail. Due to changes in the production of the cheque notice, if you are expecting a refund and you are not signed up for direct deposit, you will receive a paper T1 notice of assessment and cheque separately. The CRA recently released an updated version of the Registered Retirement Savings Plan (RRSP) table. Once completed, the applicant will receive a reference number to give to their medical practitioner who will use it to complete Part B of the form.Ĭhanges to the T1 notice of assessment – The CRA has made changes to the T1 notice of assessment and notice of reassessment to provide more complete information that is easier to understand. To further simplify the process, the applicant’s portion of the form will be prepopulated with information already on file at the CRA. This means that they no longer need to print and complete the form by hand, and take it to their medical practitioner. Applicants can now complete Part A of the application form online in My Account or by phone. If you owe money to the CRA, you'll still need to pay by April 30, 2024, to avoid interest.ĭigital Disability Tax Credit (DTC) application form – The CRA has made it faster and easier than ever for persons with disabilities and their medical practitioners to complete the DTC application form, by introducing a new fully digital application process. As this date falls on a Saturday, your return will be considered filed on time if the CRA receives it or it is postmarked on or before June 17, 2024. J– If you or your spouse or common-law partner are self-employed, this is the deadline to file your tax returns.You’ll avoid late-filing penalties and interest by filing and paying on time. If you owe money to the CRA, this is also the payment deadline. By filing your tax return on time, you’ll avoid delays to any refund, benefit, or credit payments you may be entitled to. Ap– This is the deadline for most Canadians to file a tax return.If you file on paper, you should receive your income tax package in the mail by this date. Febru– This is the first day you can start filing your 2023 tax return online.We hope this information helps you file your tax return, so you can receive the benefit and credit payments you may be entitled to. This includes what’s new on the income tax and benefit return and with the Canada Revenue Agency's (CRA) services. To simplify your tax-filing experience, we've compiled what you need to know for this tax-filing season. There were also more than 18 million refunds processed, and Canadians who had a tax refund received an average of $2,262! For the 2023 tax-filing season, Canadians filed more than 32 million tax returns, and more than 92% of them were filed electronically. © 2024 Capital One.Millions of Canadians file an income tax and benefit return every year. Products and services are offered by Capital One, N.A., Member FDIC. Nothing contained herein shall give rise to, or be construed to give rise to, any obligations or liability whatsoever on the part of Capital One. ![]() This information does not represent any opinion, guidance or recommendation, whether formal or informal, of Capital One, National Association, or any of its officers, directors, employees, advisors, attorneys, consultants, affiliates or subsidiaries (collectively, “Capital One”). ![]() The EMVCo Contactless Symbol and Contactless Indicator, consisting of four graduating arcs, are trademarks owned by and used with permission of EMVCo, LLC.The information contained herein is shared for educational purposes only and it does not provide a comprehensive list of all financial operations considerations or best practices. For specific advice about your unique circumstances, consider talking with a qualified professional. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you.
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