According to the Canada Revenue Agency, Canadians filed almost 31 million dollars in income tax and benefit returns last year. With the tax-filing deadline coming up very soon, having the information you need to file your tax returns will make the filing process easier and worry-free.
Here is a summary of what you need to know as well as what’s new for the 2022 tax-filing season.
The deadline for most individuals to file their tax returns this year is April 30. However, as this date falls on a Saturday, the CRA will consider your tax return filed on time if the agency receives your tax return on or before May 2 or if your tax return is postmarked on or before May 2.
For those who are self-employed or if your spouse or common-law partner is self-employed, the deadline to file your taxes is June 15.
The payment deadline, if you have a balance owing, is also April 30. Regardless if you, your spouse, or your common-law partner is self-employed, any balance owing from last year’s tax filings must be paid by the April 30 deadline
If you filed your 2020 return and qualified for interest relief, you have until April 30, 2022, to pay any outstanding income tax debt for the 2020 tax year. This applies to the tax owing for the 2020 tax year only, and not for any previous tax year.
Since April 30 falls on a Saturday this year, in all of the above situations, your payment will be considered paid on time if it is received, or processed at a Canadian financial institution, on or before May 2.
If you received COVID-19 benefits issued by the CRA in 2021, such as the Canada Recovery Benefit, you will be receiving a T4A information slip mailed to you by the end of February. Residents of Quebec will receive both a T4A slip and an RL-1 slip.
There may be other procedures that are specific to COVID-19 benefits you received, or if you’re a resident of Quebec.
Other new changes on the return form this year include Canada workers’ benefits, climate action incentive payment, home office expenses, zero-emission vehicles, support for farmers, educator school supply tax credits, and northern residents’ deductions.
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