Tax filing season has already begun and will end on May 2, 2022, for most individuals (Getty Images/AzmanL)
With the promise of spring weather comes another season, tax time! While most Canadians have until May 2, 2022 to file (since April 30 is a Saturday this year), not meeting a deadline could result in interest and/or penalties. It's also important to note that any reference to a spouse includes a common-law partner. Here are some important dates to keep in mind.
Tax filing deadline for individuals: May 2, 2022
Payment deadline for individuals: Unless there are special circumstances that require instalment payments (such as a second job, rental income, etc.), any balance owing must be paid by May 2, 2022.
Tax filing deadline for self-employed taxpayers (and their spouses): June 15, 2022.
Payment deadline for self-employed taxpayers (and their spouses): Despite their later filing deadline, self-employed taxpayers (and their spouses) are still required to pay any balance owing by May 2, 2022.
Tax filing and payment deadline for deceased taxpayers: If the death occurred from January 1 to October 31, 2021, the return must be filed no later than May 2, 2022. If the death occurred from November 1 to December 31, 2021, the return must be filed within six months after the date of death.
Tax filing and payment deadline for deceased taxpayers who carried on a business at the time of their death: If the death occurred from January 1 to December 15, 2021, while the business was in operation, the return is due by June 15, 2022. If the death occurred from December 16 to December 31, 2021, the return is due within six months after the date of death. Regardless of when the taxpayer died, the tax will be owing on May 2, 2022.
FILING METHODS AND PROCESSING TIME
Again this year, the Canada Revenue Agency (CRA) encourages taxpayers to sign up for direct deposit and file their 2021 return online as paper returns will be processed in the order they are received.
In contrast, a notice of assessment could be issued within two weeks of receiving a digital return. According to the CRA, “Canadians who file online and who are signed up for direct deposit may get their refund in as little as eight business days.”
STAY UP TO DATE
See what’s new for 2021 personal tax returns and how to deduct certain home office expenses. Also, visit CPA Canada’s tax blog for the latest tax updates.