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How to prepare your tax return for 2022

The tax-filing deadline for most individuals is May 2, 2022. Here’s how you can prepare your tax documents and file for your individual tax benefit returns in 2022.

Your tax season checklist

Taxes are a headache but, they’re inevitable. Whether this is your first time, or you just need a quick refresher on how to file, we’ve put together a guide to get you ready for tax season and save you from having to rush last minute.

How do I calculate and file my taxes?

  • You can use free online services such as Wealthsimple Tax (Formerly SimpleTax), or pay to use different software—most tax return software is free
  • Ask a professional service / accountant to help you if you don’t feel comfortable doing your own taxes, or your situation is a bit more complex

What do I need to do? 

1. Set up a CRA account

You can set up your CRA account in a short amount of time.

The CRA has an online portal that lets you manage and view your taxes. This is also where you submit your taxes when you’ve finished collecting everything, as well as access to your Notice of Assessment from previous tax filings.

You can also track your refund, check your benefit and credit payments, view or change your return, view your RRSP deduction limit and TFSA contribution limits, and even set up direct deposits for payments.

2. Get organized

If we could give one bit of advice, it would be to get organized BEFORE you need to do you taxes—it will save you a lot of time down the road.

Whether you’re doing them yourself or getting professional help, you will need all your documents and other relevant information.

Your employer has already deducted your income tax and they will provide you with a T4 explaining what was deducted.

Make sure you have any other forms, slips, receipts, charitable donation slips, and whatever else you might think you need for reporting your income and claiming deductions.

3. Know your deadline

Filing your tax return late can mean you have to pay penalties as well as interest on any balances you owe to the CRA. It can also delay the payment of some of your tax benefits:

For individuals, the typical personal income tax filing deadline is April 30th (unless there are special circumstances that cause a postponement, such as this year where the deadline has been moved to May 2, 2022).

More information about filing taxes can be found on the CRA website.

 

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