Now that we’ve said goodbye to 2021 and begun filling up our day planners for the year ahead, there are some common tax deadlines to keep on the calendar.
Personal Tax Filing
Most employed individuals must file and pay taxes owed by May 2, 2022. Start getting organized in January and February by making a list of all expected tax documents and collecting them in a single folder. Most accounting firms and tax preparers can provide a checklist. Some common examples include employment T4s, RRSP contributions, and travel receipts.
If you are unsure if you qualify for a tax credit, being prepared with the documentation allows your tax preparers to make informed recommendations.
Personal with Self Employment Income
If you or your spouse earned self-employment income in 2021, you have a longer window to organize and file your taxes. Tax returns for the self-employed are due on June 15, 2022. However, it is important to note that if any taxes are owed, they still must be paid by May 2.
The tax installment plan for personal taxes owed has a quarterly payment schedule that starts March 15, 2022 with subsequent payments due by June 15, September 15 and December 15.
RRSP Contributions
The deadline to make contributions to a Registered Retirement Savings Plan (RRSP) is March 1, 2022 for the 2021 tax year.
Business Tax Filing
Business tax returns must be filed within six months of your Corporate Year-End. If your business has a year-end date that’s at the end of the month or mid-month, they are due on that same date. If your year ends on the 31st of the month, use the last day of the sixth month.
Although your business has six months to file its annual return, businesses only have two months from year-end to calculate and pay any balance owed. Canadian controlled private corporations, those making an income less than $500,000 in the previous year, or a business claiming the small business deduction have an additional month, or three months total, to submit amounts owing.
Speak with your accountant before year-end to optimize your tax situation and to determine your precise timeline for filing and submitting payments.
GST Reporting
Quarterly or Monthly
GST reports and amounts owing are due one month after the end of the reporting period for both quarterly and monthly reporters. For periods ending on the last day of the month, the due date is the last day of the following month.
Annually
For businesses that report GST annually, the return and amounts owing are due three months after the period’s end date. However, if you are an individual with a year-end date of December 31st and file GST annually, any GST owing is due April 30, 2022, with a reporting deadline of June 15.
If you’re uncertain about any reporting or payment deadline, please speak with your accountant or bookkeeper. Late reporting and payments can result in significant penalties. Our experienced team is available to prepare and provide advice on both personal and business taxes. Contact us at McNabb Lucuk LLP Chartered Professional Accountants to get started today