Here's when you can start filing your tax return in Canada if you want a quick refund

If you're counting down the days until you can finally hit send on your income tax return and get that sweet, sweet refund deposit, good news — the 2024 tax season in Canada is just days away.

The Canada Revenue Agency (CRA) will officially start accepting returns for the 2024 tax season this coming Monday, February 24, which means you could get your refund in just a few weeks if you file early. And let's be real, who doesn't love getting their refund ASAP?

Filing your taxes sooner rather than later has some clear perks, especially if you're owed a refund. The CRA says it aims to process online returns within two weeks, paper returns within eight weeks and non-resident returns within 16 weeks. Plus, if you're signed up for direct deposit, you could get your refund even sooner.

But before you start celebrating, make sure all your paperwork is in order — that means gathering your T4 and any other tax slips that should hit your mailbox (or inbox) by February 28. Missing a slip could slow things down or even lead to mistakes that cost you cash.

The CRA recommends filing online using NETFILE-certified software — there are even free options if you’re trying to save. Plus, if you need help filing, there are free community tax clinics that can help you if you're eligible, which is an especially solid option for newcomers, students and first-time filers who are still figuring out taxes in Canada work.

The official deadline to submit your return is April 30, but if you're self-employed, you get a little extra time — until June 16. That said, any taxes owed are still due by April 30 to avoid late payment penalties.

If you're looking to boost your refund, consider maxing out your RRSP contributions before the deadline of March 3. It's a classic move that could shrink what you owe or beef up the amount coming back to you. And don't forget about tax credits — from homebuyer perks to deductions for students, there are plenty of ways to ease the tax burden if you know where to look.

For those keeping an eye on the latest changes, the 2024 tax season brings a few updates that could impact your return. Whether it's new benefit eligibility or adjustments to federal and provincial tax brackets, it's worth double-checking the latest info to avoid costly mistakes.

Bottom line? Filing early and online is your best bet for a quick refund and a stress-free tax season.

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