“2024 Tax Benefits and Deadlines: What You Need to Know”

Introduction
Tax filing is a stressful and complicated process. However, noting down some important dates and deadlines for tax filing can make the process easy. In this blog, we will discuss important deadlines and tax benefit dates for the year 2024. We make sure that you can get more tax benefits as well as avoid tax penalties.
Key Takeaways

Key Points	Tax Filing Deadline	Receiving Payment Date
Tax Filing Deadline (for Individuals)	April 30, 2024
Tax Filing Deadline (for Self-Employed)	June 17, 2024
NETFILE Opening Date	February 19, 2024
GST/HST Credit Payment Dates		Quarterly (January, April, July, October)
Canada Child Benefit (CCB) Payment Dates		Monthly (20th of each month)
Advanced Canada Workers Benefit (ACWB) Payment Dates		January 12, July 12, October 11

Tax Benefits and Deadlines
Here is a detailed breakdown of the important dates and what you need to know for your tax responsibilities in 2024.
1.     Deadlines for tax filing
1.       Most people: You are required to file your taxes by April 30, 2024.
o   Example: If you have a part-time job, you should file your tax forms by April 30, 2024.
2.      Self-employed: You can file taxes before June 17, 2024. But to avoid extra charges, you need to pay any taxes you owe by April 30, 2024,
o   Example: If you run a small business, you can file your taxes before June 17, 2024. But you must pay any taxes you are obliged by April 30, 2024.
2.   NETFILE/ Online tax filing
·        Online tax filing: From February 19, 2024, you can start filing your taxes online using NETFILE. Filing your taxes early would help you get your refund faster and you can avoid the last-minute urgency of tax filing.
o   Example: If you want to receive your tax refund faster, you can start tax filing online from February 19, 2024.
3.   GST/HST Credit
·        GST/HST credit: This is a tax-free payment to help people with low to average incomes. In year 2024, you can receive payment in January, April, July, and October.
o   Example: If your family qualifies, you will get payments in January, April, July, and October.
4.  Canada Child Benefit (CCB)
·        CCB payments: Eligible parents receive this tax-free payment every month to help them with expenses for kids under 18. Payments are made on the 20th of each month.
o   Example: If you have a younger family member (kids), your family will get CCB payments on the 20th of each month to help with their needs.
5.   Advanced Canada Workers Benefit (ACWB)
·        ACWB payments: Low-income workers are eligible to get this payment as a help for living costs. In 2024, the payments will be on January 12, July 12, and October 11.
o   Example: If you or your family qualify, you will get payments on January 12, July 12, and October 11 to aid in your living expenses.
Here are the payment dates for your expected benefits.

Benefit	Payment Dates
GST/HST Credit	January, April, July, October
Canada Child Benefit	Monthly (20th of each month)
Advanced Canada Workers Benefit	January 12, July 12, October 11

Conclusion

Understanding and recalling important tax benefit dates and deadlines is essential for tax filing and financial planning. Recognize and note down your taxation deadlines and expected payment dates in your calendar. This is the way you can take advantage of the benefits available to you in 2024.

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Disclaimer:
The information provided in this blog is intended for general guidance and informational purposes only and should not be considered as professional accounting, audit, or assurance advice. Please consult with a certified professional for specific advice tailored to your situation.