Tax Slips and Deadlines
Feb 15, 2022
As we make our way through the first months of 2022, we all begin to turn our attention to tax time. Beginning in February and continuing, in some cases all the way through to the end of June for business owners, and throughout the year for those who are required to remit taxes quarterly; tax time reminds us that we do not yet live in a “paper-less” world!
Here is a list of tax events that we should try to keep in mind:
February 28th - The final day for employers and other payers to give you an information slip, usually a T4 or T4-RRIF which tells you and CRA exactly what you were paid in 2021.
March 1st - The final day we can contribute to a RRSP, for the previous tax year.
March 31st - The final day T5 slips (interest income, dividend income and certain types of foreign income) and T3 slips (non-interest income from mutual funds, income trusts etc.) to be issued.
April 30th - The final day tax returns and any money that we may owe CRA can be post-marked.
Other Tax Events to Consider:
Tax Installments - If you are required to pay taxes by instalments, they are due March 15th, June 15th, September 15th and December 15th.
There are various dates that small businesses and corporations need to be aware of, depending on their year end. Given the variety of scenarios, it’s best, if you are self-employed, to consult with your tax advisor as to what your and your company’s tax deadlines are.
Finally, for clarification purposes, there are no contribution deadlines for contributions to your Tax Free Savings Account (TFSA). If one does not make a TFSA contribution in a calendar year, the contribution(s) are carried forward and can be used in future years.
Business Owners
The most overlooked area of financial planning for business owners and incorporated professionals is the lack of integration between corporate and personal assets. When the majority of your assets are in your corporation you need very specific, specialized and personalized financial advice.
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