When are taxes due in Canada 2022? Our new tax year is coming right up and after a long 2021 with covid changes in our tax system we are finally here to submit your taxes on time. If you are looking for important deadlines for the tax year 2021 to be filed in 2022 you came to the right place. In this article we will touch base on personal tax deadlines, self-employment tax deadlines, corporate tax deadlines and everything else you need to know within. Installment payments as well as Interest and Penalties will be touched upon during our article.
The Deadline for the Fiscal Year 2021 Personal Tax Returns will be May 2, 2022
This new tax season will have a new deadline date on May 2, 2022. Because April 30 our usual tax deadline falls on a Saturday, The Canada Revenue Agency will extend the deadline to the next business day which will be May 2, 2022. This deadline is for all personal tax returns that must be filed by this date. If you are filing a tax return by mail, your return must be received and or post marked by this date from the post. Post marking from the post means that you have paid and have your envelope stamped by this date in order to have your return submitted on time. If you are looking to file your tax return electronically, you must have your personal tax return in by midnight on May 2, 2022.
Many people still think that their returns are due by April 15. Please be reminded that this is the US tax filing deadline. We know that we have many commercials we share etc with the US, so be mindful that many of these commercials state the deadline as April 15. In Canada our deadline is usually April 30, and for 2022 it will be May 2.
If you have any questions or concerns with the tax deadline for 2022, please contact Accufile by email [email protected] so that we can help with any tax questions you may have.
Self-Employment Tax Deadline for 2022
The tax deadline for all Self-Employment returns will be June 15, 2022. Once again your return must be submitted by this date. If you are sending it by mail your return must be received by this date and or post marked from the post by June 15. For post marked information see above under the previous topic. If you are filing electronically, the tax deadline will be by midnight on June 15, 2022.
Very Important information for the Self-Employment Deadline
Many Canadians get confused by the self employment tax deadline. You have to be very careful when filing and or making payments under this type of return. The Canada Revenue Agency catches many filers based on this information we have next.
If you owe money on your Self Employment tax return, the payment is due by April 30! Or in this case for 2022 it is due by May 2, 2022.
Do you see the difference with the filing date? You see the self employment return is not due till June 15, however the payment is due earlier on May 2, 2022. Many Canadians ask the basic question as in how can that be if I don't file until June 15? The answer is that you need to know your tax liability by May 2, 2022, make payment then you can take your time to file the return itself on June 15. So at Accufile we always recommend that you put your Self Employment return together by the initial deadline of May 2, 2022. Then you will know what is owing in tax, and then make payment. You can then file your return anytime between the payment date and June 15, 2022.
Interest and Penalties For Late Filing
If you file a return late past the deadlines noted above and you owe tax money, you will be subject to a penalty. Please note, that we mention that you have to owe tax money to receive a penalty for late filing. Anyone who does not owe on a tax return doesn't need to worry about the deadline as much. However it is good practice to file on time just in case there is a re assessment of your return. But just note that The Canada Revenue Agency does not charge you a penalty or interest if your return does not owe money.
If you do get a penalty, the CRA charges you 5% of the total amount owing in tax. In addition, they will charge you 1% for each month that you are late with full payment. For example if you are owing $1000.00 then your penalty amount will be 5% which is $50.00 in penalties.
It is always important to file your tax return on time even if you cannot afford the tax bill.
By filing on time you can decrease your penalty on what is owed and only owe interest on your taxes. So make sure to file on time, and then contact the CRA to make a payment arrangement with them to clear your debt. If you have any issues or questions please contact Accufile as we can help.
Why Am I Receiving a Tax Installment Reminder?
Tax installment reminders can be very confusing. Some tax payers have already paid their taxes for the return but then receive an installment reminder in the mail. Yes your taxes are paid for the previous tax return, however if you have owed over $2000 in the previous year the CRA wants you to prepay your tax for the next year. That's right, they want you to prepay. However if you do not pay the amount they require you can receive a small penalty at the end of the year. If you will not owe the same amount as you did the previous year, then you can have your tax installment requirement withdrawn. This means that if you will not owe more than $2000 next year, you can simply contact the CRA and let them know so that the tax installment is dropped. In order to do this option, it is best to call The Canada Revenue Agency at 1-800-959-8281.
Final Tax Returns and The Deadline
If you are helping someone who recently passed away file a tax return you will have a different deadline than most. If the person who passed away between the dates of Jan 1 and Oct 31, then the deadline for 2022 will be May 2, 2022. If the person had passed away in the months of November and December, then your new tax deadline will be 6 months after the date of death. This helps many representatives have time to be able to gather the deceased tax items together.
Covid Relief Benefits and Deadlines
If you have received any relief benefits in 2021, your deadline to file taxes in 2022 will remain the same as May 2, 2022. Make sure to gather all your documents as you will need each item to help file your return accurately and on time. Make sure to have your T4E if you collected Employment Insurance, and or to have your T4A if you have collected CERB, CESB, CRCB. If you are needing help in order to gather your documents and or lost your documents, take up our personal tax service which includes everything including filing for only $25.
GST / HST Filing Deadline
GST / HST can have a deadline based on your remittance filing. Some companies that are registered for GST and HST may have an Annual reporting period, quarterly, and or monthly filing period. Depending on your filing period depends on when your filing is due. Monthly and Quarterly filing is usually due the next month, while Annual Filing is usually due 6 months after the end of your fiscal period. It is always best to check your GST / HST form to see when the due date is. Each form will have the deadline for each filing period.