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April Tax Deadline, Benefit Dates, and Rising Grocery Costs: What You Need to Know

Canadians must file taxes by April 30 to avoid penalties, while benefit payments arrive throughout the month and rising industrial carbon taxes may further increase grocery prices.

March 23, 20263 min read

April Tax Deadline, Benefit Dates, and Rising Grocery Costs: What You Need to Know

What this means for you: You need to file your taxes by the end of this month to keep your government benefits coming. At the same time, your grocery bill might get higher this week due to a new tax increase.

Here is a breakdown of the important dates and money changes happening in April.

The Tax Deadline is April 30

The deadline to file your 2023 income tax return is April 30, 2024.

If you owe money to the Canada Revenue Agency (CRA), you must pay it by this date. If you miss the deadline, the CRA will charge you interest on the amount you owe. They may also charge a late-filing penalty.

Exception: If you or your spouse/common-law partner are self-employed, you have until June 15, 2024, to file your return. However, if you owe taxes, you still must pay the money by April 30 to avoid interest charges.

Benefit Payment Dates

Your tax return directly controls your benefit payments. If you do not file, your payments could stop. Here are the key dates for April:

  • April 5: Canada Child Benefit (CCB)
  • April 5: GST/HST Credit
  • April 12: Ontario Trillium Benefit (OTB)

Note: The Canada Child Benefit and GST/HST credit dates listed above reflect the standard payment schedule for April 2024.

Rising Grocery Costs

On April 1, the federal carbon price increased.

The price rose from $65 per tonne to $80 per tonne. This is part of the government's plan to increase the tax by $15 every year until 2030.

This increase affects the price of gas and heating. However, experts warn it will likely impact the price of food, too. Farmers and truckers face higher fuel costs to grow and ship food. These costs are often passed on to the consumer.

This creates a "double whammy" for Canadians. While general inflation is cooling, higher energy taxes could keep grocery prices high.

Who is Affected?

  • Anyone who earns an income: You must file a tax return to stay in good standing with the CRA.
  • Benefit recipients: Anyone who relies on the Canada Child Benefit, GST/HST credit, or provincial benefits must file to get their money.
  • Shoppers: Anyone buying groceries or gas will likely feel the impact of the carbon tax increase.

What You Should Do

  1. File your taxes now: Do not wait until April 29. Gather your slips (T4, T5, etc.) and file electronically using NETFILE or through a tax professional.
  2. Pay what you owe: If you have a balance owing, log in to your online banking or the CRA "My Payment" portal to pay it before April 30.
  3. Check your bank account: Verify that your benefit payments arrive on the dates listed above. If they do not, contact the CRA immediately.
  4. Review your budget: With gas and grocery prices potentially rising, look for areas in your budget to adjust.

Bottom Line

Mark April 30 on your calendar as the final day to file your taxes and pay any owed money. Missing this date will cost you money in penalties. Additionally, expect to pay slightly more at the grocery store and the pump as the new carbon tax takes effect on April 1.

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April Tax Deadline, Benefit Dates, and Rising Grocery Costs: What You Need to Know — CanadaAsks