Dates to Remember in 2022

February 28, 2022: T4 and T5 Filing Deadline

The deadline for employers to issue and file their employee's T4 Slips (Statement of Remuneration Paid) with CRA is the last day of February.

T5 slips (Statement of Investment Income) must be issued to investors and filed with the CRA by this date as well.

Other tax slips are also due on this date. Click here for a full list of T-slip filing dates.

March 1, 2022: RRSP Contribution Deadline

It is important to meet the deadline in order to maximize your personal tax benefits. If you miss the deadline, the remaining contribution room will roll over to the following year.

You can contribute 18% of the income reported on your previous year’s tax return, or $27,830, whichever is less. You would receive an RRSP tax receipt for 2021 if you contributed between March 2 and December 31, 2021. You may also receive an additional tax receipt as an early contributor for 2021, as long as you contribute between January 1 and March 1, 2022.

May 2, 2022: Tax Filing Deadline for Individuals

There are many good reasons to file your Personal Income Tax Return on time.

1. You may be eligible for a refund. The sooner you file your tax return, the sooner you will receive your tax refund.

• You may be eligible for benefit or credit payments. Filing a tax return will ensure that the CRA is using the most accurate information to calculate those benefit and credit payments. These include the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, the Canada child benefit (CCB), or the Guaranteed Income Supplement (GIS). The longer you wait to file, the more likely it is that these payments will be interrupted.

• You could be at risk of interrupting your COVID-19 benefits. Filing a tax return reduces the risk of having your COVID-19 recovery benefit payments paused while your eligibility is validated. If you receive COVID-19 recovery benefits such as the Canada Recovery Benefit, the Canada Recovery Caregiving Benefit, or the Canada Recovery Sickness Benefit, the CRA uses information from your returns to confirm your eligibility for these benefits.

June 15, 2022: Tax Filing Deadline for Self-Employed Individuals

If you earned self-employment income from a business that you operate yourself or with a partner, as individuals, you have to report that income on your personal tax return.

When you're self-employed and you operate your business, you must pay the following:

• Personal income tax on your net self-employed income
• Canada Pension Plan (CPP) contributions on net self-employed income
• Employment Insurance (EI) contributions if you have registered to participate

It is important to file on time to make sure that any government benefit payments are not interrupted. As with individual income tax returns, the longer you wait to file, the more likely it is that these payments will be interrupted.

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Published by Elite Accounting Inc.

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