It might be challenging to keep track of various tax deadlines during the year. But marking your calendar and staying informed about these dates will help you avoid penalties, and interest charged by Canada Revenue Agency when filing personal tax.
Planning and ensuring you are fully prepared to file applicable taxes will assist you personally succeed. Preparing for personal tax filing can involve a lot of paperwork and gathering of various pieces of information.
To make your tax season stress-free, here are the most frequent deadlines from the Canada Revenue Agency to be mindful of when preparing for your 2022 tax return.
Different Types of Tax Filing Due Dates
- Deadline for Personal Taxes
- Deadline for Self-Employed Individuals
- Deadlines for RRSP Contribution
- Deadlines for Information Returns
Deadline for personal taxes
The Income Tax Return for 2022 is due on May 1, 2023. (Since April 30, 2023, falls on a Sunday). The penalty for late filing a personal tax return and having a balance owing is 5% of the tax owed, plus 1% for each month the filing is delayed, up to 12 months.
You must make quarterly instalment payments the following year if your annual tax debt exceeds $3,000. CRA must receive the payments on the following dates: 15 March, 15 June, 15 September, and 15 December.
Deadline for Self-Employed Individuals
If you or your spouse are self-employed during 2022, your income tax filing deadline is June 15, 2023, but be aware any outstanding balance is still payable by May 1, 2023.
If you hired employees during 2022 you must file Payroll Information Return, T4 Summary and T4 Slips by Feb 28, 2023.
You may also have to file GST/HST Returns if you are registered for the same. The due date for GST/HST return is determined by the reporting period and is shown on the personalized GST/HST Return (Form GST34-2). For most self-employed Annual filers with Dec 31 year end the HST return filing is due by June 15, but the payment is still due by April 30.
You must file GST/HST Return even if you have no transactions in the year. To avoid penalties, ensure you have all the necessary documentation ready when the time approaches. You risk paying penalties starting at 5% and going up to 20% if you file late and have a balance due.
Deadline for RRSP Contribution
The RRSP Contribution deadline for 2022 is March 1, 2023. To reduce your taxes in 2022, you must make any RRSP contributions you intend to complete by this deadline.
Deadline for Information Returns
Employers must issue information slips (T4s, T4A, T5s) to all workers, independent contractors, and shareholders by Feb 28, 2023. This is crucial since the people need these slips to submit their tax returns by April 30, 2023. Late submission of Information Returns can result in severe penalties and fines of up to $7,500.
Filing your taxes is tricky when you go on your own. You might make mistakes or miss the deadline, resulting in penalties and interest. Instead, make a wise choice and onboard a Chartered Professional Accountant (CPA) firm to prepare your tax filing.
Need help finding one in Canada?
Connect with us at BronteBay today! We are certified public accountants who are knowledgeable and experienced in filing of personal taxes. We will respond to your inquiries and assist you with your business taxes. We offer webinars and one-on-one advisory meetings to suit every business. Start with our 15 minute free no obligation discussion over a Zoom call to see how you can save!