The deadline for filing Ontario tax filing deadline 2024 is April 30, 2024. If you owe taxes, you must pay them by May 1, 2024.
It’s important to file your taxes on time, but it’s also important to file them correctly so you get the best possible refund. Here’s everything you need to know about the Ontario tax filing deadline 2024 and how to get the best refund:
What tax forms do I need to file in Ontario?
The specific tax forms you need to file in Ontario will depend on your individual circumstances. However, some of the most common forms include:
- Form ON428: Personal Income Tax Return
- Form T1: General Income Tax and Benefit Return
- Form T4: Statement of Remuneration Paid
- Form T5: Statement of Investment Income
- Form T2202A: Tuition, Education, and Other Fees Credit Certificate
- Form RC1: Canada Employment Credit
You can find all Ontario tax forms on the Canada Revenue Agency (CRA) website.
How to file your Ontario tax filing deadline 2024
There are a few different ways to file your Ontario taxes:
- Online: Net file is the CRA’s preferred method of tax collection. This is the fastest and easiest way to file your taxes, and you can get your refund faster than if you file by mail or in person.
- By mail: You can send your completed tax forms and supporting documents to the CRA. Be sure to file your tax return early to avoid late filing penalties.
- In person: You can visit the CRA Tax Centre to file your taxes in person. Be sure to bring your completed tax forms and supporting documents with you.
Tips for getting the best Ontario tax refund.
Here are a few tips to help you get the best possible Ontario tax refund:
- File your taxes electronically. Net File is the fastest and easiest way to get your refund.
- Claim all of your eligible tax credits. There are several tax credits available to Ontario residents, such as the Canada Child Benefit, the GST/HST Credit, and the Ontario Seniors Property Tax Credit. Be sure to claim all the tax credits you’re eligible for.
- Review your tax return carefully before filing. Make sure all information on your tax return is correct and complete.
- Keep all of your tax documents for six years. This includes your T4 slips, T5 slips, and receipts for any deductible expenses.
What happens if I miss the Ontario tax filing deadline 2024?
Failing to meet the Ontario tax filing deadline in 2024 may result in a late filing penalty and accrual of interest on any unpaid taxes.
If you can’t file your taxes on time, you can request an extension from the CRA. However, you will need to pay any outstanding taxes by the due date.
Conclusion
Filing your Ontario taxes on time and correctly is the best way to get the best possible refund. By following the tips above, you can make the process easier and make sure you get all the money you’re owed.
Additional tips:
- If you are self-employed, be sure to deduct all of your eligible business expenses. This can include things like travel expenses, office supplies, and marketing expenses.
- If you have any medical expenses that are not covered by insurance, you can deduct them on your tax return. This includes things like prescription drugs, dental care, and physical therapy.
- If you made a charitable donation, you can deduct it on your tax return. Be sure to keep receipts for all your charitable donations.
- If you have any investments, you can deduct some investment losses on your tax return. Make sure you keep track of your investment gains and losses throughout the year.
If you have questions about how to file your Ontario taxes or how to maximize your tax refund, you can contact the CRA or consult a tax professional.
