After the time of cheer comes the dreadful tax filing season 2022. The general tax filing deadline date is April 30th each year, but this year the date falls on Saturday so the date is extended up to the next business day. For self-employed Canadians with a spouse or partner who is self-employed too, the tax filing deadline is extended up to June 15th, 2022.
Important Dates to Help you Get Ready for Tax Filing Season 2022
As Covid made a lot of changes in the tax filing system, you need to be made aware of the important tax deadlines of 2022, how to file your taxes in 2022 and getting your tax refunds as much as possible.
In this blog, commercial tax, personal tax, self-employment tax deadlines, penalties for filing a late tax return, how you can get deprived of benefits for late tax filing, Canada child benefit, and GST/HST credit.
Tax Season 2022
How to file your taxes in 2022?
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Online tax software: Filing tax online simplifies the filing process as the software connects to your CRA account and you can get your tax refund as early as 8 business days through NETFILE. You can also access previous years’ tax information which you can use in the future when needed. They are TurboTax Canada ( both free and paid), Wealthsimple Tax (free, customers can make donations), H&R Block Tax, Studio Tax, GenuTax, AdvTax, uFile, and CloudTax.
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Paper return via Email: In this old-fashioned way of filing taxes, CRA sends tax forms to paper filers to expedite the process. IF you want to file for a tax refund and have not received the forms in the mail, you can simply download or order a copy of them in January 2022. The tax refund process takes about 8 weeks this way.
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CRA filing your return: In 2022, low-income Canadians can file theirs via automated phone service for which they will be notified through mail.
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Community volunteer income tax program: Several tax preparation firms across Canada help people with modest incomes file their taxes and get their tax refunds via video call, phone, document drop-off arrangements.
Importance dates to remember for taxpayers in 2022
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January 28: RRSP contribution receipt attests to all the contributions made between March and December 2021.
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February 25: T3, T5, T4A, T5008- these tax slips will be issued for individual or corporate accounts if you have gained any dividend, interest, capital gains depending upon the investments you made in these accounts. T3 or T4 slips will be issued directly by the external mutual fund company for any holdings in mutual funds.
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February 25: RRSP, spousal RRSP, RIF, spousal RIF, LIF- these slips will be issued that confirm the withdrawal made from these accounts; reporting to the CRA.
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March 25:RRSP receipt is also available from this day which confirms all the RRSP contributions made in the first 60 days of 2022. Depending upon the extent of RRSP contribution room available, you can file for deduction of these contributions during the 2021 tax return. T3 and T5 tax slips are also issued on this day if you have gained any dividend, interest, capital gains from personal. Business or joint accounts.
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March 1: RRSP contribution for 2021 tax years will be made eligible process’s last date is 1st March. To know your RRSP contribution limit access to your account on the CRA website or refer to Notice of Assessment (NOA).
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May 2: The last date for the 2021 tax refund is May 2nd, 2022. CRA advises individuals to file early to get benefits under GST credit, Canada child benefit; else penalties for filing late a late tax return will be issued.
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June 15: this is the deadline for filing 2021 taxes if one is a self-employed individual.
Covid emergency and benefits
Citizens who received CERB, CRB, CESB, CRSB will be issued a T3A flip from CRA on March 10, 2022; though the residents of Quebec will be issued an RL-1 slip. The CRA ns service Canada will return the amount of CERB payments to self-employed people whose income was less than $5000 if they met the eligibility requirements. If Canadians pay their 2021 income tax and benefit return, they won’t be required to pay any interest on any outstanding income tax debt for 2021 until 30th April 2022.
Conclusion
How to file taxes in 2022 is a big issue for any Canadian. At Pro Finance E&E Limited, our experts help you gather previous years’ tax information, file taxes the right way and on time for getting your tax refunds, other benefits; and avoid penalties for late tax filing. For more information regarding doing taxes, contact us today.