As the Canadian economy continues to evolve and grow, it is essential for businesses, investors, and consumers to stay informed about important financial dates. These dates, ranging from tax deadlines to economic reports, significantly impact economic trends, decision-making, and financial planning. Here is a comprehensive list of upcoming financial dates in Canada for 2023 that you should keep an eye on.
- Income Tax Filing Deadline: April 30, 2023
The most immediate and crucial date for Canadian taxpayers is the income tax filing deadline. All individual tax returns for the 2022 tax year must be submitted to the Canada Revenue Agency (CRA) by April 30, 2023. Self-employed individuals and their spouses or common-law partners have until June 15, 2023, to file their income tax returns. However, any taxes owed must still be paid by April 30, 2023, to avoid interest charges.
- Goods and Services Tax (GST) Credit Payment Dates: Quarterly in 2023
The Canadian government provides quarterly GST credit payments to low and modest-income individuals and families to offset the cost of the GST they pay. The payment dates for 2023 are as follows:
- January 5, 2023
- April 5, 2023
- July 5, 2023
- October 5, 2023
- Canada Child Benefit (CCB) Payment Dates: Monthly in 2023
The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The payment dates for 2023 are:
- January 20, 2023
- February 17, 2023
- March 17, 2023
- April 20, 2023
- May 19, 2023
- June 16, 2023
- July 20, 2023
- August 18, 2023
- September 20, 2023
- October 20, 2023
- November 17, 2023
- December 13, 2023
- Bank of Canada Interest Rate Announcements and Monetary Policy Report (MPR) Dates
The Bank of Canada makes eight scheduled interest rate announcements each year, which influence borrowing costs for consumers and businesses. Additionally, the bank releases its MPR four times a year, providing an in-depth analysis of the economy and the bank’s outlook. In 2023, the dates for the interest rate announcements and MPR releases are as follows:
Interest Rate Announcements:
- January 18, 2023
- March 8, 2023
- April 19, 2023
- June 7, 2023
- July 19, 2023
- September 6, 2023
- October 25, 2023
- December 6, 2023
MPR Releases:
- January 18, 2023
- April 19, 2023
- July 19, 2023
- October 25, 2023
- Canada Pension Plan (CPP) and Old Age Security (OAS) Payment Dates: Monthly in 2023
The CPP and OAS are essential income sources for millions of Canadian retirees. The payment dates for these benefits in 2023 are as follows:
- January 27, 2023
- February 24, 2023
- March 29, 2023
- April 27, 2023
- May 29, 2023
- June 28, 2023
- July 27, 2023
- August 29, 2023
- September 27, 2023
- October 27, 2023
- November 28, 2023
- December 27, 2023
- Economic Data Releases: Various Dates in 2023
Statistics Canada releases key economic data that provides insights into the health and direction of the Canadian economy. These data releases cover critical areas such as employment, inflation, GDP, and trade. Some significant data release dates in 2023 include:
- Labour Force Survey (monthly): Released on the first Friday of each month
- Consumer Price Index (monthly): Released around the 20th of each month
- Gross Domestic Product (monthly): Released around the last day of each month
- International Merchandise Trade (monthly): Released around the 5th of each month
Staying informed of these important financial dates is essential for Canadians to make sound financial decisions and effectively plan for the future. By keeping track of tax deadlines, benefit payments, interest rate announcements, and economic data releases, you can better navigate the complexities of the Canadian financial landscape and ensure you are well-prepared for any changes that may arise.