Key Financial Dates and Deadlines for Canadians in 2023

As we enter 2023 with a turbulent economy, it’s never been more important to keep in control of your finances. Staying on top of important financial dates and deadlines ensures you’re making the most of your money and taking advantage of all the different benefits and credits available to you.

We’ve rounded up the key financial dates that Canadians should pay attention to, including RRSP contribution deadlines, tax filing deadlines, Bank of Canada announcements and benefit pay-outs.

When is the RRSP deadline for the 2022 tax year?

The deadline for making contributions to your RRSP in the 2022 tax year is March 1, 2023. Any amounts received in your RRSP account(s) after this date will be counted as part of the 2023 tax year and will need to be filed next year.

An RRSP, or Registered Retirement Savings Plan, is a type of savings plan that is specifically designed for saving for retirement. Any contributions you make to your RRSP are tax deductible, so payments you make between March 2, 2022 and March 1, 2023 will actually reduce your tax bill.

There is a limit to how much you can contribute towards an RRSP and this is calculated based on your personal circumstances, such as your income and whether or not you belong to a pension plan. The limit for 2022 is 18% of your earned income from the previous year, up to a maximum of $29,210. You can find your personal annual contribution limit by logging into your CRA account.

When is the TFSA deadline for 2023?

The deadline for contributing to your tax-free savings account (TFSA) is December 31 each year, although this deadline is less urgent than others in the financial calendar, as any unused contribution room will be carried forward to the next tax year.

A TFSA is a type of savings account where you don’t pay any tax on the interest you earn, or any withdrawals you make from it. A TFSA is not only for saving cash: you can also use it to house lots of different investment products like mutual funds, GICs, stocks and bonds.

There is a cap on how much you can contribute to a TFSA (known as your TFSA contribution room) and you can find your specific number in your CRA account. Your contribution room depends on your age, how many years you have lived in Canada as an adult, and how many contributions and withdrawals you have already made. This Government of Canada page lists the annual dollar limit for previous years, back to 2009.

When is the 2023 tax filing deadline in Canada?

In 2023, the deadline for filing your tax return is Sunday, April 30.

If you file your tax return after this date and you have a balance owing, you will be charged a late-filing penalty. Filing late may also cause delays to any benefits or credit payments that are applied for through your tax return:

• GST/HST credit

• Climate action incentive payment (ON, MB, SK, AB, NK, NS, PEI only)

• Alberta child and family benefit (AB only)

• Ontario trillium benefit (ON only)

What is the new Tax-Free First Home Savings Account?

Last year, the federal government announced that they would be launching a new type of savings account for first-time home buyers in 2023, and it’s expected to become available on April 1.

The Tax-Free First Home Savings Account (FHSA) will allow prospective first-time buyers to save up to $40,000 tax-free. Any contributions made to an FHSA will be tax deductible PLUS you won’t be taxed on any interest earned inside your FHSA, making this an excellent new initiative to take advantage of if you’re looking to buy your first home in the future.

When are the Bank of Canada Interest Rate Announcements in 2023?

After raising the overnight interest rate seven times in 2022 to 4.25%, a rate not seen since 2008, both consumers and businesses continue to look out for additional changes during upcoming Bank of Canada announcements. Homeowners with variable-rate mortgages or consumers with lines of credits especially should keep a pulse on the announcement dates, as interest rate changes will directly impact the amount of interest owing on their debt.

Bank of Canada Interest Rate Announcements in 2023

Jan 25, 2023 - Bank of Canada interest rate announcement

Mar 8, 2023 - Bank of Canada interest rate announcement

Apr 12, 2023 - Bank of Canada interest rate announcement

Jun 7, 2023 - Bank of Canada interest rate announcement

Jul 12, 2023 - Bank of Canada interest rate announcement

Sept 6, 2023 - Bank of Canada interest rate announcement

Oct 25, 2023 - Bank of Canada interest rate announcement

Dec 6, 2023 - Bank of Canada interest rate announcement

What Benefits are Available in Canada and When do I Apply for Them?

GST/HST Credit

The goods and services tax/harmonized sales tax (GST/HST) credit is a quarterly payment that helps lower-income households offset the cost GST or HST. You apply for the GST/HST credit when you file your taxes.

Ontario Trillium Benefit (Ontario only)

The Ontario trillium benefit is a monthly payment that combines the payments of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. You apply for the Ontario trillium benefit when you file your taxes.

Climate Action Incentive Payment (ON, MB, SK, AB, NK, NS, PEI only)

The climate action incentive payment is a benefit paid to help households offset the cost of the federal pollution pricing. It consists of a basic amount and an additional supplement for residents of small and rural communities.

You don’t need to apply to receive the climate action incentive payment, as the Canada Revenue Agency (CRA) will determine your eligibility automatically when you file your taxes.

Canada Child Benefit 

The Canada child benefit is a payment given to eligible families to help with the cost of raising children under the age of 18. It may include a child disability benefit where applicable.

Once your child is born, or a child enters your care, you can apply for the Canada child benefit at the same time that you register the birth of your newborn, or online through your CRA account.

Canada Pension Plan

The Canada Pension Plan (CPP) is a monthly, taxable benefit that replaces your income when you retire. You need to be at least 60 years old and have made at least one valid contribution to the CPP. CPP contributions are deducted automatically from your pay cheque if you work in Canada.

CPP payments are not automatic, so you will need to apply in order to receive them. You can apply on the Government of Canada website. 

Old Age Security pension

The Old Age Security pension is a monthly payment you can get if you are 65 and older. In most cases, you do not need to apply for this benefit to receive it.

Alberta Child and Family Benefit (AB only)

The Alberta child and family benefit (ACFB) is an amount paid to families that have children under 18 years of age, to help offset the costs associated with raising children. You will automatically be considered for the ACFB when you file your taxes.

Benefit Payment Dates in 2023

January 2023

Jan 5, 2023 - GST/HST credit payment

Jan 10, 2023 - Ontario trillium benefit (ON only)

Jan 13, 2023 - Climate action incentive payment (ON, MB, SK, AB, NK, NS, PEI only)

Jan 20, 2023 - Canada child benefit payment

Jan 27, 2023 - Canada Pension Plan payment

Jan 27, 2023 - Old Age Security payment

February 2023

Feb 10, 2023 - Ontario trillium benefit (ON only)

Feb 20, 2023 - Canada child benefit payment

Feb 24, 2023 - Canada Pension Plan payment

Feb 24, 2023 - Old Age Security payment

Feb 27, 2023 - Alberta child and family benefit (AB only)

March 2023

Mar 10, 2023 - Ontario trillium benefit (ON only)

Mar 20, 2023 - Canada child benefit payment

Mar 29, 2023 - Canada Pension Plan payment

Mar 29, 2023 - Old Age Security payment

April 2023

Apr 5, 2023 - GST/HST credit payment

Apr 10, 2023 - Ontario trillium benefit (ON only)

Apr 14, 2023 - Climate action incentive payment (ON, MB, SK, AB, NK, NS, PEI only)

Apr 20, 2023 - Canada child benefit payment

Apr 26, 2023 - Canada Pension Plan payment

Apr 26, 2023 - Old Age Security payment

May 2023

May 10, 2023 - Ontario trillium benefit (ON only)

May 20, 2023 - Canada child benefit payment

May 26, 2023 - Alberta child and family benefit (AB only)

May 29, 2023 - Canada Pension Plan payment

May 29, 2023 - Old Age Security payment

June 2023

Jun 10, 2023 - Ontario trillium benefit (ON only)

Jun 20, 2023 - Canada child benefit payment

Jun 28, 2023 - Canada Pension Plan payment

Jun 28, 2023 - Old Age Security payment

July 2023

Jul 5, 2023 - GST/HST credit payment

Jul 10, 2023 - Ontario trillium benefit (ON only)

Jul 14, 2023 - Climate action incentive payment (ON, MB, SK, AB, NK, NS, PEI only)

Jul 20, 2023 - Canada child benefit payment

Jul 27, 2023 - Canada Pension Plan payment

Jul 27, 2023 - Old Age Security payment

August 2023

Aug 10, 2023 - Ontario trillium benefit (ON only)

Aug 20, 2023 - Canada child benefit payment

Aug 25, 2023 - Alberta child and family benefit (AB only)

Aug 29, 2023 - Canada Pension Plan payment

Aug 29, 2023 - Old Age Security payment

September 2023

Sept 10, 2023 - Ontario trillium benefit (ON only)

Sept 20, 2023 - Canada child benefit payment

Sept 27, 2023 - Canada Pension Plan payment

Sept 27, 2023 - Old Age Security payment

October 2023

Oct 5, 2023 - GST/HST credit payment

Oct 10, 2023 - Ontario trillium benefit (ON only)

Oct 13, 2023 - Climate action incentive payment (ON, MB, SK, AB, NK, NS, PEI only)

Oct 20, 2023 - Canada child benefit payment

Oct 27, 2023 - Canada Pension Plan payment

Oct 27, 2023 - Old Age Security payment

November 2023

Nov 10, 2023 - Ontario trillium benefit (ON only)

Nov 20, 2023 - Canada child benefit payment

Nov 27, 2023 - Alberta child and family benefit (AB only)

Nov 28, 2023 - Canada Pension Plan payment

Nov 28, 2023 - Old Age Security payment

December 2023

Dec 10, 2023 - Ontario trillium benefit (ON only)

Dec 20, 2023 - Canada child benefit payment

Dec 20, 2023 - Canada Pension Plan payment

Dec 20, 2023 - Old Age Security payment