Canadian Tax Brackets
Your taxable income falls into the following tax brackets:
Tax Bracket Federal
- Less than $53,359.00 15%
- $53,359.00 – $106,717.00 20.5%
- $106,717.00 – $165,430.00 26
- $165,430.00 – $235,675.00 29
- More than $235,675.00 33%
When are taxes due in Canada?
The deadline to file your 2023 income tax return is April 30, 2024. If you’re self-employed your taxes are due on June 15, 2024.
How long does it take to get a tax refund in Canada?
It can take 2 to 3 weeks to receive a refund when you transmit your return via NETFILE. For mailed returns, refunds are mailed out in 4 to 6 weeks following receipt of the return by the CRA.
How can TaxTips.ca help you?
This page is full of resources for income tax returns. Canada Revenue Agency regularly publishes income tax-related articles. These tax tips are essential for your income tax returns. Please visit Canadian Tax and Financial Information, or call us to learn more about us, as we may represent you to the CRA.
CRA Forms for the 2023 Tax
You can download the forms or publications you need directly from our website at CRA Forms 2023. The CRA will accept these forms for processing.
Alberta Corporate Income Tax
Filing taxes for a deceased person
When a loved one passes away, their taxes must be managed by a legal representative who is responsible for completing various tasks to close the deceased’s financial affairs. Experts advise creating an estate plan, including a last will and testament, while still alive. A will helps protect one’s assets and allows the individual to designate a trusted person as the estate executor to carry out their final wishes.
Without a will, a court will appoint someone—typically a close family member—to manage the deceased’s belongings and finances.
Being an executor involves significant time and effort. The executor must address the deceased’s tax obligations, settle any outstanding debts, and ensure proper distribution of the estate and inheritances.
How do you prepare the final return?
After receiving the clearance certificate, the executor can prepare the deceased person’s final return. This document shows all the income received before death. The final return should include all usual income received prior to death, such as:
- Earnings from work.
- Pension or retirement payments.
- Employment insurance benefits.
- Investment earnings
The final return must also include the deemed disposition of any capital property owned at the time of death. This will result in a capital gain or loss based on the cost to the deceased and the FMV at the time of death. The FMV of registered plans (such as RRSPs) must also be included in income unless they can be transferred to a spouse or other qualified beneficiary.
Note that you may need to file additional returns. We recommend speaking with a Tax Expert. They can help determine whether you need to file a T3 return for the estate, or if any elective returns are necessary.