Canadian Tax Calendar

Canadian Tax Calendar for 2022 Due Dates

The question "What is the due date for Canadian tax filing?" is definitely on your mind if you're planning for your 2022 tax filing.

There’s a deadline for filing our taxes under the law, coinciding with the end of the tax year. There are stringent deadlines that apply to you whether you need to submit company taxes, are self-employed, or are merely filing personal income taxes.

Failure to meet these deadlines may incur significant interest charges, late fees, and fines. The most straightforward approach to guarantee that you fulfil these Canadian tax deadlines is to file early.

May 2nd, 2022

The Personal Tax Filing Deadline - May 2nd, 2022

In 2022, the deadline for filing personal income taxes will be May 2nd.

In Canada, the tax filing date is often April 30th. The deadline is moved to the following business day, which in this case is the following Monday because it falls on a Saturday this year.

Your income tax return must be submitted online by midnight on May 2nd. Your tax return must be received or postmarked by this date if you are mailing it; otherwise, it will be regarded as overdue.

June 15, 2022

The Self-Employed Tax Filing Deadline

You should also consider the self-employed tax filing deadline if you are one.

The self-employment tax filing date is June 15, 2022. By this date, your return must be received, whether it was submitted electronically or by mail.

The deadline for filing self-employment taxes is frequently unclear. While your self-employed tax return must be submitted by June 15th, 2022, any tax debt must be settled by May 2nd, 2022, if there is one. This disparity results from the fact that, although you have until May 2nd to file your taxes, you must be aware of your tax liability by that date.

Accounting professionals and the Canadian government strongly advise filing your self-employed taxes and making the necessary payments before the first due date, even though doing so provides advantages for some self-employed people.

List of Important Tax Due Dates for 2022

We can assist you in keeping track of important dates so you don't miss a beat whether submitting personal, self-employed, or corporate taxes.

Here is a list of crucial tax deadlines for 2022 that you need to be aware of.

February 28

Deadline for companies to issue T4 and T5 to employees

March 31

NR4 deadline for non-resident tax withholding and reporting

May 2*

Personal income tax filing deadline

Personal income tax payment is due

Self-employed income tax payment is due

June 15

The self-employed tax filing deadline

*Remember that April 30th is the standard filing deadline in Canada. As previously stated, this is postponed to the following business day in 2022 because it falls on a Saturday. It is May 2nd, in this instance.

?

2022 Variable Tax Filing Due Dates

While the majority of CRA due dates are fixed, some tax deadlines are based on the year-end and pre-planned payment schedule of a company. These include the corporation tax return, GST/HST payment due dates, and filing requirements.

Corporate Tax Return

Depending on your organisation’s classification and chosen year-end, there are several filing deadlines and payment due dates if you are filing corporate taxes.

Payments for corporations not qualifying for the Small Business Deduction are due two months after the year's end.

Payments for CCPCs are due three months after the year's conclusion. Six months following the year-end, corporate tax returns are due.

Instalments are payable at the end of each month.

?

PST / GST / HST Payment Due Dates

The dates for your PST, GST, and HST payments are solely determined by your reporting period.

Monthly: a month following the conclusion of the reporting period. A filing and payment deadline of August 31 applies to a monthly reporting period of July 1 to July 31.

Quarterly: a month following the conclusion of the reporting period

The filing and payment date for a quarterly reporting period from January 1 to March 31 is April 30. annually with a year-end of December 31: a June 15 filing date, and a June 30 payment deadline.

Annually: Whenever your fiscal year has a date different than December 31st, you must pay three months after that date. A November 30th filing and payment deadline apply to a customary year-end of August 31st.

Tax Filing Deadlines and Covid Relief Benefits

You must include any government-provided Covid relief benefits in your T1 personal income tax return if you got any in 2021.

If you received Covid relief benefits, your tax filing deadline remains May 2, 2022. The exact dates above apply to you if you obtained Covid relief and are a self-employed person.

People who received Covid relief benefits in 2021 are urged to see an accountant when filing their taxes to ensure they are collecting all the tax deductions and credits to which they are eligible.

The Self-Employed Tax Filing Deadline

You should also take into account the self-employed tax filing date if you are self-employed.

The self-employment tax filing date is June 15, 2022. Your return must be received by this date, whether it was submitted electronically or by mail.

The deadline for filing self-employment taxes is frequently unclear. While your personal self-employed tax return must be submitted by June 15th, 2022, any tax debt must be settled by May 2nd, 2022, if there is one. This disparity results from the fact that, although you have until May 2nd to file your taxes, you must be aware of your tax liability by that date.

Accounting professionals and the Canadian government strongly advise filing your self-employed taxes and making the necessary payments all at once before the first due date, even though doing so provides advantages for some self-employed people.

Late Tax Filing Fees and Penalties: Missing the deadline for Canadian tax filing is accompanied by a multitude of charges, fines, and penalties. These fines might quickly mount up. Before long, just the late fees and penalties on top of your balance might be thousands of dollars.

?Type of Late Filing Penalty

1.Not filed on time -

A + (B x C) where:

*A is 1% of the amount owing

*B is 25% of A

*C is the number of months the return is overdue, to a maximum of 12 months

2.If you don’t comply with the Demand to File - $250

3. Not filed electronically when required

* $100 for the initial return

* $250 for each following return

4. Failure to accurately report information

Typically, until the numbers are adjusted, 5% of the amount plus 1% of the monthly gap between what is reported and what should have been recorded, up to a maximum of 10%