As you prepare to file your 2022 income tax return, here are some important dates to be aware of..
Deadline for Your T4, T4A and T5 Slips
The deadline for your employer, payer, administrator, financial institution or other reporting entity to issue most 2022 tax slips (including your T4, T4A and T5 slips) is February 28, 2023.
Extended Deadline for T3 and T5013 Slips
If you have investments in a non-registered account that are held through a mutual fund trust, the trust will issue a T3 showing the interest, dividends, capital gains, ROC and foreign income you received during the year, as well as any foreign income taxes you paid. Trusts have 90 days after their year-end to issue tax slips, therefore mutual fund trusts with a December 31, 2022 year-end have until March 31, 2023 to issue your T3 slips.
Partnerships must generally report partnership income to their partners on T5013 slips by March 31, 2023.
Deadline for 2022 RRSP Contributions
The deadline to make an RRSP contribution for deduction in your 2022 tax return is March 1, 2023. Contributions made after this date cannot be deducted in your 2022 tax return.
Deadline to Pay Your 2022 Income Taxes
The deadline for paying your 2022 income taxes is May 1, 2023. If you have a balance owing for 2022 and do not pay it by then, the Canada Revenue Agency will charge you compound daily interest. The prescribed interest rate on overdue taxes is subject to change every three months.
Deadline to File Your 2022 Income Tax Return
Usually, your tax return must be filed by April 30. However, since April 30, 2023 falls on a Sunday, your return must be filed no later than May 1, 2023. If you have no balance owing or are expecting a refund, there is no penalty for filing after this date.
If you have a balance owing, you will be charged a late-filing penalty of 5 percent of that balance, plus an additional 1 percent for each full month that you file after May 1, 2023, to a maximum of 12 months.
Note that, if you have been charged a late-filing penalty for any of the preceding 3 taxation years, this late-filing penalty is doubled to 10 percent plus an additional 2 percent per month for each month after the due date, to a maximum of 12 months.
It is important, if you cannot pay your 2022 balance owing, you should still file your 2022 tax return by May 1, 2023 to avoid late-filing penalties.
Extended Deadline to File Your 2022 Income Tax Return If Self-Employed
If you, or your spouse, were self-employed in 2022, the deadline for filing your 2022 return is extended to June 15, 2023. However, the balance of any tax owing for your 2022 taxation year must be paid by May 1, 2023 to avoid interest being charged after that date.
Deadline to File 2022 Income Tax Return Pay and Pay Income Tax Balance for a Deceased Person
If you are the legal representative of a deceased person, you are in charge of ensuring their final tax return is filed on time. If the death occurred between January 1 and October 31, 2022, the final tax return must be filed no later than May 1, 2023. If the death occurred between November 1 and December 31, 2022, the final tax return must be filed no later than six months from the date of death.
Timeline for Receiving Your Refund
The Canada Revenue Agency does not guarantee a date by which your tax refund will be sent to you. But provided you have filed by the May 1, 2023 deadline, their stated goal is to provide your refund within two weeks if you filed online and within eight weeks if you filed a paper return. Note, however, refunds can take up to 16 weeks if you live outside Canada and are filing a non-resident tax return.
Do you need help with your 2022 income tax filing? Please contact us and we explain the lead time that we require to help you meet your tax obligations on a timely basis. The experienced team of professionals at Ernst and Company is available for personalized assistance.
