Tax Reminders 2022

April 14, 2022 | Posted by: Sherry Corbitt

Have you submitted your taxes yet? If not, then you may either be completing them or rushing to get them started. Either way, consider some of the following reminders, which can be helpful as you finish your taxes.

Tax Documentation

One of the most crucial aspects of your tax preparation is getting all of your documents together. This can be one of the most time-consuming parts of getting your taxes prepared, especially if you do not have them organized together. If you do not have all of your required documentation, such as T4s, insurance benefit statements, and other income papers, you will need to speak with your employer, or the Government if you are self-employed.

Tax Credit

If you had to make medical or work expenses this year, you could get some money back. Depending on the amount and purpose, the money you get back can undoubtedly be worth it. To earn cashback, you need to include your recipes for these payments in your taxes. Ensure that you have all your receipts and keep them all in your tax folder so that you do not forget to send them in with the rest of your documentation.

Covid-19 Credits

With Covid, the Government has provided a credit option for those who have had to work from home. These employees can take a rate tax credit to make up for everyday things that they have had to pay for themselves. This includes the internet, electricity, laptops, and other work materials. The maximum amount that an at-home employee can receive is $500. If you have been working at home, make sure that you take full benefit of this opportunity. You may not receive $500, yet you still may receive a quite a bit, which is undoubtedly better than not receiving anything.

Tax Deadline

The deadline for most Canadians is on April 30. Since the tax deadline takes place on a Saturday, the Government will accept taxes by May 2. If they are sent anytime after this time, you will be charged a late penalty. If you or someone in your family is self-employed though, their tax deadline will be June 15.

Payment Deadline

If you owe a balance and need to pay, the deadline will also be April 30. Like the tax deadline, they will also accept your payment if you make it by May 2. If you are late in paying your balance, you will be charged interest.

Stay Ahead

If you are sending in your taxes yourself or using a company to send them in for you, you want to ensure that it gets sent in time. The last thing you want to deal with is paying a late fee, which can totally be avoided. Therefore, ensure that you aim to have your taxes sent in at least 10 business days before the deadline. This will ensure that even if they get delayed or there are problems with the post, they will get sent to the Government in time.


If you still need to submit your taxes, these reminders will surely help during the process and get taxes off of your back for the year. If you need any help with your taxes, please reach out to us, and we will be happy to help!
Sherry Corbitt, Mortgage Broker

 

Sources

-Cooper, Sean (2022). Tax Changes Canadians Need To Know About For 2022. Greedy Rates. Retrieved fromhttps://www.greedyrates.ca/blog/tax-changes-canadians-need-to-know-about/

-Golombek, Jamie (2022). 10 Things To Know Before You File Your Tax Return This Year. Financial Post. Retrieved from

https://financialpost.com/personal-finance/taxes/10-things-to-know-before-you-file-your-tax-return-this-year

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