Important Tax Information for the 2022 Tax Filing Season

Important Tax Information for the 2022 Tax Filing Season

Have you left your taxes to the last minute? If so, you’re not alone!

April is usually our busiest month here at The Number Works. We get many last-minute calls from people looking for assistance with their income taxes. Of course, we’re already hard at work for our usual clients, but we always try to help as many people as possible.

If you’ve been putting off your taxes because you’re too busy or stressed out, we strongly recommend that you start immediately. Why? Because some deadlines are coming up fast, and you do NOT want to miss them!

Upcoming Important Tax Deadlines

Unfortunately, you may have already missed some important tax dates throughout March, such as the deadline for contributing to your RRSP or your first installment payment due date. However, the most important dates are post-March:

  • April 30th – Deadline for filing your tax returns and paying the balance due.
  • June 15th – Deadline for filing self-employed tax returns (balancing owing still must be paid on April 30th).
  • June 15th – Second installment payment for 2022.
  • September 15th – Third installment payment for 2022.
  • December 15th – Fourth installment payment for 2022.

Your Tax Return To-Do List

If you’re handling your taxes yourself this year or you have paid someone to do them for you, here are the things that you need to keep in mind.

Check Your CRA Account

While CRA accounts are extremely secure, there have been security breaches in the last few years, resulting in some accounts locking down. If this happened to you in the past, you likely already know it by now. However, if there is another security breach or something has gone wrong with your login or personal information, it’s better to find out ASAP. You don’t want that kind of stressful situation at the end of April when you file!

If you don’t yet have an online CRA account, we highly recommend signing up for one. Not only is it the easiest way to file your tax returns and provide your payment, but it’s also a one-stop-shop for many of your important financial documents.

If you need to check a previous year’s tax returns, they’ll be there. Want to know your refund status? It will be right at the top of the page! Setting up your account is easy as well, as you only need many of the same documents you need to file your taxes (see list below).

Keep Important Documents On Hand

Whether you’re doing your taxes yourself or hiring an accountant to do them for you, there are some documents and information that you’ll need:

  • Social insurance numbers for you and your family members
  • Net income
  • Spouse’s net income
  • Dependants’ net income
  • Dates of birth for family members
  • 2020 notice of assessment
  • Total number of installment payments to the CRA
  • Income slips (T3, T4, T5, and others)
  • All expenses
  • Slips applicable to your specific situation

Set Aside Some Time

The most challenging part of doing your taxes returns is usually starting them. Once you have begun, it’s usually simply a matter of simply plugging numbers in. The trick is getting started!

Our advice would be to look at your schedule and book a time to do your taxes, just like you’d schedule in any other event. Treat it as an unmissable appointment.

If you aren’t planning on doing your taxes yourself, you must contact your accountant—or whoever is handling them—as soon as you can. The end of the month is rapidly approaching, and time is needed to complete them.

You can call us at The Number Works to see if we have time to complete your taxes, but with all of the calls we’ve been fielding recently, we cannot guarantee that we will be able to have them done by April 30th. In other words, call us as soon as possible!

The Number Works has worked with small businesses and entrepreneurs in the Hamilton community for years to help get them the maximum refunds possible. We know all of the possible deductions and credits, which is why people come to us for help with their tax returns.

The tax deadline is rapidly approaching, but if you wish to find out if we can help you, please feel free to get in touch with us today!