![]() What filing method might be right for you: Filing method You’ve got three choices when you’re ready to file your return: file a paper return, do it yourself by using tax preparation software and filing online (Vancity members get a 20% discount when they use TurboTax) or hire a tax preparer.įile, it pays to be as organized as possible with everything you’ll need to Keep in mind that Mais the final date for your RRSP contributions to be eligible for the 2022 tax year. You can find your exact RRSP contribution limit on your latest notice of assessment (or reassessment) by logging into your Canada Revenue Agency (CRA) account online or by calling the CRA at 1-80.Ĭonsider using the Government Sign-in service, which allows you to access your personal CRA account (along with 80 other Government of Canada websites) without having to keep track of yet another user ID and password. So, for example, if you make $60,000 and contribute $5,000 of it to an RRSP, you’ll only be taxed on $55,000 – saving you $1,410 off your tax bill for 2022.įor 2022 your annual RRSP contribution limit is 18% of the earned income you reported in the 2021, up to a maximum of $29,210. Keep in mind that every dollar you contribute to an RRSP comes off your taxable income. Professional dues, or professional certification coursesĪnd if work from home or are self-employed, you may be able to claim a home office deduction. Here are some important tax deductions/credits If you’re not sure what you might beĮligible for, the CRA website has a list of government benefits,Ĭredits and special allowances that could help you save money. Your tax refund? It’s in your best interest to take advantage of every claimĪnd deduction that’s applicable to you. Risk additional tax assessments and penalties. Side hustle (whether that’s freelance work, running your own small business orĬollecting tips at a second job), you’ll also need to report this income – or If you’re working for an employer, that’s relatively simple Resident, you’re required to report all income from all sources, both in and You can always submit an amended return once you have all your Piece of information before the tax deadline? Use your best guess and fileĪnyway. Statement of all RRSP contributions made during the first 60 days of 2023, This statement confirms the amounts that have been withdrawn from these accounts and have been reported to the CRA. This slip shows how much income you earned, and how much in tax you’ve already paid for 2022. Statement of all RRSP contributions you made between March and December 2022.ĭepending on the investments you hold, you’ll receive statements of income for your personal, joint or business account(s). Your credit union or financial institution The most common statements, who issues, them and when you should expect them: Statements The various tax information forms that your employer and financial institutions ![]() You’re calculating your income and deductions correctly, you’ll need to review If you need a duplicate receipt, it’s better to ask sooner rather than Off will also help you see what’s missing, and what you might need to trackĭown. Them into a designated tax folder – and check them off your list. ![]() Important statements and receipts, whether digital or hard copy, print and file Your return ( this one from the Canada Revenue Agency (CRA) ![]() Start preparing earlyĮasier for yourself with a checklist of the documents you’ll need to prepare You may beĮligible for tax credits like the GST/HST credit and other education credits.įiling also allows you to build Registered Retirement Savings Plan (RRSP)Ĭontribution room, which can benefit you in the future even if you can’t afford Low or zero-income earner, it’s still worth filing a return. Interruptions in your benefit and credit payments. Result in hefty penalties and interest charges, and could mean possible delays or Stress you out (and could lead to costly mistakes.) Plus, filing late can ![]() We have 8 tips ready to help make doing your taxes quicker and easier than ever before: 1. The 2022 personal tax return filing deadline is coming up on Ap(or June 15 if you’re self-employed, but you must pay any balance owing by April 30). Whether you’re expecting a refund or a tax bill, just getting started can be the hardest part. If you dread tax season, you’re not alone. ![]()
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