ICYMI: 10 things to know before you file your tax return this year — via financialpost taxreturn financialtips
The deadline
The normal tax-filing deadline for most individuals is usually April 30, but you have until May 2 this year to file because April 30 falls on a Saturday. If you or your spouse or common-law partner had self-employment income in 2021, you have until June 15 to file your return. In either case, if you have a balance owing, it must be received or processed at a Canadian financial institution on or before May 2, 2022 to be considered paid on time.
It’s important to keep in mind that some tax was withheld at source when the COVID-19 benefits were paid, but. The CRA has acknowledged this could present significant financial hardship for some taxpayers. Affected individuals may wish to take advantage of the CRA’s expanded payment arrangements, which will give you more time and flexibility to pay the tax owing, based on your financial situation.
. All eligible seniors, regardless of income level, got the $500 payment, which was meant to “support older seniors’ higher expenses,” and was estimated to apply to 3.3 million people.Article content Most eligible seniors will have by now received a T4A slip from Service Canada for this amount, but some slips may have been delayed and will go out during the week of March 14, 2022. A small number received an incorrect slip, with duplicate amounts in boxes 018 and 205. Amended slips were issued to these individuals, so make sure you use the correct slip when completing your return.
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