Here’s what to know before filing your taxes in 2022
Global News
When is the tax deadline? Is my COVID-19 benefit taxable? How much can I claim working from home? Find answers to these questions and more as tax season enters full swing.
Tax time has come once again, and with another year of the COVID-19 pandemic in the books, tax filers should be aware of the changes to benefits, deductions and certain taxable income.
For the scoop on when to file and how to maximize your return and minimize what you owe, check out Global News’ 2022 tax guide below.
The deadline to file your taxes to the Canada Revenue Agency is April 30 — sort of.
Because the deadline actually lands on a Saturday this year, returns will be accepted until May 2. Returns need to be received or postmarked no later than that date.
For individuals or families where one of the filers is self-employed, the deadline is stretched to June 15. Be warned, however, that anyone owing on their taxes this year must send the payment by May 2, whether they’re self-employed or not.
Not all Canadians who received COVID-19 relief such as the Canada Recovery Benefit (CRB) or Canada Emergency Response Benefit (CERB) might know that these payments are considered taxable income.
Robin Taub, a chartered professional accountant (CPA), author and spokesperson with TurboTax, tells Global News that CRB recipients had income tax withheld at the source, a departure from how previous programs like CERB were introduced.
“Some people got a surprise when it came time to filing (and they found out) that they owed. So it seems like they learned from that,” she says.
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