A Breakdown of the 2022 Tax Season and Deadlines

As we roll into the 2022 tax season, we have to brace ourselves for the deadlines that follow. Luckily, we are here to guide you through the process! This post provides helpful tips to ensure you get the most out of your taxes while staying on top of those deadlines. We’ve put together an outline of the various 2022 tax deadlines for individuals, trusts, corporations, and GST to be aware of to help you prepare for the upcoming tax season. Let’s get right into it – there’s no time to waste! 

Individuals

Keep May 2nd in mind if you’re an individual filing and paying taxes in 2022. Write it in your calendar or set a timer on your phone (we don’t recommend making a note on the back of your hand). Whatever you have to do to remember that in general, both filings and payments are due on this date. 

Self-employed

Are you self-employed? If so, tax payments will be due Monday, May 2 and filings are due Wednesday, June 15, 2022. 

Exceptions

There are always a few exceptions to the rules and the 2022 tax year brings a few. 

• If an individual has become deceased in November or December of the previous year (2021), their tax filing deadline is moved to 6 months after the date of passing. However, the payment deadline remains on May 2, 2022.
• If an individual becomes deceased between January and April of the current year (2022), their 2021 tax payment becomes due 6 months after their date of passing.

Instalments

Let’s talk about instalments and what this means for you if you have to pay them.

Here’s an example: if you had to pay more than $3,000 in April of the previous year (2021) –not including any taxes remitted on your behalf by an employer– your due dates for those instalments become:

1. March 15, 2021
2. June 15, 2021
3. September 15, 2021
4. December 15, 2021 

RRSP Contribution

As an individual filing and paying taxes, make note that the deadline for contributing to an RRSP for the 2021 tax year is March 1, 2022. 

Trusts

In the case of trusts, all returns are due 90 days after the year-end. Just to make it easy to remember, tax payment is due at the same time.

Tax Fact: As an update in 2022, you can now e-file trust tax returns rather than mailing them. 

Corporations

As a corporation, you might have more dates to be aware of in the 2022 tax season. However, these dates usually depend on when your year-end is. Keep this in mind and remember to file accordingly.

Filings: These are due 6 months after your year-end.

Payments: Tax payments are generally due 2 months after year-end unless you are a Canadian Controlled Private Corporation (CCPC). In this case, they are due 3 months after their year-end. 

GST

Taxes for GST can be filed on different frequencies. Your options for this are either monthly, quarterly or annually. Let’s break them down…

Monthly: Both the filing and payment deadlines are at the end of the following month. 

Quarterly: Both the filing and payment deadlines are at the end of the following month. 

Annually: The deadlines for filing and payments are 3 months after their year-end. If you are a self-employed individual, the deadlines are the same as the self-employed individuals outlined above (payments are due May 2, 2022, and filing is due June 15, 2022).

Hopefully this breaks things down and you know exactly what to write in your calendar. This time might be stressful…we understand! Come visit us with any questions.