Income taxes can now be filed. What you should know

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Income taxes can now be filed. What you should know
Money is on the minds of many as tax season opens up. What you need to know before you file: – Feb 20, 2024

Money is on the minds of many as tax season opens up.

Feb. 20 is the first day that 2023 income taxes can be filed, and the deadline is April 30, said Jack Waterman, the tax service line leader for the Prairie business unit of Grant Thornton. He added the deadline is June 17 for self-employed people and their spouses.

Waterman said it can be easy to get overwhelmed, and that’s understandable. So, first things first: take a deep breath.

“Don’t panic,” he said, “and if you really are lost, maybe consult a professional tax advisor that can walk you through the process.”

After that, he advises checking out the Canada Revenue Agency’s website to look for any changes to income tax filing. Luckily, there aren’t any major changes for Manitobans, he said.

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While preparing your tax information for submission, Waterman said to keep any personal life or career changes top of mind.

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“Have you gotten married? Have you had children? Have you graduated from school? Have you retired? Have you had any major medical expenses? Have you had an elderly patient or perhaps someone with a disability move in with you?” he said.

It’s also important to mark the deadline on your calendar, he said, and make sure you file by then to avoid penalties.

When it comes to filing accurately, he said as long as you’re not purposefully misrepresenting your taxes, there’s grace to be had.

“We’re all human beings and mistakes happen. It’s easy to miss a slip, but there’s a process in place to fix up your tax returns,” like a T1 adjustment, he said.

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