![]() Repayment of COVID-19 benefits: As discussed in December 2022, Asking better year-end tax planning questions – part 2, recent amendments allow individuals who repay certain COVID-19 benefits before 2023 to claim a deduction in computing income for the year in which the benefit was received, rather than in the year the repayment was made. The amount of each benefit to include on your 2022 T1 return is reported on Form T4A, Statement of Pension, Retirement, Annuity, and Other Income, copies of which you should have received by the end of February 2023 in respect of the 2022 taxation year. 3 These programs include the Canada Recovery Sickness Benefit (CRSB), Canada Recovery Caregiving Benefit (CRCB) and the Canada Worker Lockdown Benefit (CWLB), 4 all of which were available until May 7, 2022. Determine if you have any carryforward balances that may be used as deductions or credits in your 2022 T1 return.Ĭarryforward amounts could include unused registered retirement savings plan (RRSP) contributions, unused tuition, education and textbook amounts, 2 interest on student loans, capital losses or other losses of prior years, resource pool balances and investment tax credits.ĬOVID-19 benefit payments: Payments received in 2022 from various federal, provincial and territorial COVID-19 support programs are taxable and must be reported on Line 13000 of your 2022 T1 return. Review your 2021 T1 return: Reviewing your 2021 T1 return and notice of assessment or reassessment is a great starting point before you complete and file your return. Remember, if you wait more than three years after the end of the year to file a T1 return claiming a refund, your right to the refund expires and will be subject to the Canada Revenue Agency’s (CRA’s) discretion. Filing on time also ensures you receive any benefit or credit entitlements (such as the Canada Child Benefit or GST/HST credit) in a timely manner. And even if you expect a refund, you should still file on time in case a future change or assessment results in a tax liability for the year. Even if you are not able to pay your balance by the deadline, you should still file your T1 return on time to avoid penalties. Since April 30 falls on a Sunday in 2023, the 2022 T1 return filing and tax payment deadlines are extended to Monday, May 1, 2023.įailure to file a T1 return on time can result in penalties and interest charges. If you, or your spouse or common-law partner, are self-employed, your return deadline is June 15, but any taxes owing must be paid by the April 30 deadline. No matter what, file on time: Generally, your T1 return must be filed on or before April 30. ![]() Personal tax filing tips for 2022 T1 returns That means it’s also time for EY’s annual list of tax filing tips and reminders that may save you time and money.įor tips and reminders on certain tax deductions and credits, see “ Spotlight on personal tax deductions and credits that may be claimed on your 2022 T1 return” in this issue. As the 2022 personal income tax return (T1 return) filing deadline quickly approaches, it’s time to reflect on the year that ended and complete your T1 return.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |