Are you already in the midst of prepping for the Canadian tax filing deadline for 2022? Make sure that you stay on top of things this tax season so that you aren’t hit with penalties for filing after the due date. At Compass Accounting in Winnipeg, we want to help you manage this stressful time of year by explaining the tax filing deadlines and everything you need to know about them.
Canada Tax Filing Deadline
The government sets forth a date that most Canadians must adhere to if they plan to file taxes in the country. For most individuals, the tax-filing deadline is April 30th. This is good news for many this year because it falls on a weekend this year, which means people will have a few extra days to complete their taxes.
Because of the way the tax deadline falls, the Canadian government will accept tax filings that are received or postmarked on or before May 2, 2022.
If you are self-employed (or your spouse or common-law partner is self-employed), you have a bit of extra time to sort through the finer details of your tax return. Self-employed individuals do not have to submit their returns until June 15, 2022. This gives them more time to gather up their pertinent documents and receipts and take them to a trusted CPA accountant.
If you believe that you will owe money to the government when your tax return is filed, you need to keep the payment deadline in mind. The payment deadline for 2022 is April 30 but you will have until May 2, 2022 to officially pay your debt.
Self-employed individuals will want to pay close attention to this payment deadline. Despite the fact that they do not have to file their return until June 15, the payment deadline remains the same for them. This should be motivation to get their financials over to their CPA quickly so that they don’t miss this important deadline.
Payments are considered on time if they have been received by the government or processed at a Canadian financial institution by the given date.
For those who want to take care of their filing quickly, the government urges you to consider filing online and use direct deposit for any return you may receive. If you are slated to receive a return, you will want to plan ahead to receive your money back in a timely manner. This also helps to prevent interruptions to any benefits that you may receive.
When you’re ready to dive into paying your taxes, Compass Accounting has CPA accountants who are experienced and qualified to help you with every tax situation. Give us a call today to see how we can help you get your taxes done before you get down to the wire with this year’s tax deadline!