When are taxes due? 2022 Tax Deadlines
Tax filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided.
Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the CRA and their late filing penalties!
When is “tax day”?
While January to April is called “tax season”, but the big “tax day” in Canada is usually April 30th. If that falls on a holiday or weekend, it moves to the next business day.
This year, the tax filing deadline for individuals is set for May 2 because April 30th falls on a Saturday. The Canada Revenue Agency states that a return is considered filed if it is received, or a paper filing is postmarked, on or before May 2. Similarly, your payment will be considered made on time if it is received by the CRA or processed at a Canadian financial institution on or before May 2, 2022. That date this year is also the deadline to pay any outstanding income tax debt from the 2020 tax year for anyone who qualified for interest relief.
Note that if you are self-employed, or using a fiscal year that isn’t the calendar year, your tax filing deadline is different and will depend on your business entity and when your fiscal year ends. Let’s get into the specifics:
Personal Tax Deadlines 2022
Self-Employed
If you or your spouse were self-employed and had business income in 2022, then your tax return is due June 15, 2022.
This deadline is a bit tricky, because taxes owing are still due for payment by May 2, 2022 even though the actual filing of the return is not due until June.
Not Self-Employed
If you and your spouse do not earn self-employment income, then your tax return and taxes owing are both due May 2, 2022. This is the most common scenario for tax payers.
Tax Installments
If you are required to pay tax installments in 2022, they are due:
March 15th
June 15th
September 15th
December 15th
Corporate Tax Deadlines
Corporate tax deadlines are a little different than personal tax deadlines. For tax purposes, corporations can have year-ends that are not December 31st. However, we can still easily figure out when your corporate tax returns and amounts owing are due.
Corporate Tax Returns
Corporate tax return filings are due 6 months after the year-end. Let’s clarify a couple of scenarios:
When the corporation's tax year end is on the last day of a month, the return is due by the last day of the 6th month after the year-end. For example, a December 31, 2021 year end would have a June 30, 2022 due date.
When the last day of the tax year is not the last day of a month, the return is due the same day of the 6th month after the year-end. For example, a September 15, 2021 year end would have a March 15, 2022 year end.
Corporate Taxes Owing
The due dates for balances owing are earlier than the due dates for actually filing the tax returns. The short version is that taxes owing are due 2 months after the year-end.
However, there is an exception that is very common. Corporate taxes are due 3 months after the year-end if the following criteria apply:
The corporation is a Canadian Controlled Private Corporation.
The corporation claimed the small business deduction for the current or previous year.
The corporation and all associated corporations (if applicable) had taxable income less than $500,000 in the previous year.
The exception noted above is very common, so there is a good chance your corporate taxes are due 3 months after year-end. Because it’s a bit trickier, we recommend verifying with your accountant or sending us a message to make sure you have the right date.
GST / HST Deadlines
There are a few common scenarios for GST/HST return due dates.
Monthly Filers
When GST returns are filed monthly, the return and amounts owing are due 1 month after the end of the reporting period. For example, a June 1-30 filing period means the return is due July 31st.
Quarterly Filers
When GST returns are filed quarterly, the return and amounts owing are due 1 month after the end of the reporting period. For example, a July 1 - September 30 filing period means the return is due October 31st.
Annual Filers (Except Individuals With December 31 Year-Ends)
When GST returns are filed annually by a business that is not an individual, the return and amounts owing are due 3 months after the reporting period end date. For example, a July 1, 2020 - June 30, 2021 filing period means the return is due September 30, 2021.
Annual Filers (Individuals With December 31 Year-Ends)
Individuals who file GST annually and have December 31, 2021 as their fiscal and tax year-ends have slightly different due dates. They mirror the tax due dates for self-employed individuals. Due dates in 2022 look like this:
GST owing is due May 2, 2022
Filing of the GST returns is due June 15, 2022
If you have any questions or need clarification about when something is due, reach out!
We truly enjoy helping and we take pride in being organized and making sure that we don’t miss deadlines!
When will I get my tax refund?
Most tax filers will receive their refund within 21 calendar days after their return was received by the CRA.
That’s not a promise, but in general, you can expect to get your tax refund 3 to 4 weeks after filing your return. You can check your return status in five minutes by logging on to your CRA “My Account” portal.
Paying your taxes late
If you have a balance owing and file your tax return after the deadline, you will be charged a late-filing penalty by the CRA. Plus, after your tax due date, your outstanding balance will begin to accrue interest on top of that! Filing late may also cause delays to your benefit and credit payments. So our best advice: file and pay on time. But -
If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.
The late-filing penalty is 5% of your 2021 balance owing, plus an additional 1% for each full month you file after the due date, to a maximum of 12 months.
If the CRA charged a late-filing penalty for 2018, 2019 or 2020 and requested a formal demand for a return, your late-filing penalty for 2021 will be 10% of your balance owing. You will be charged an additional 2% for each full month that you file after the due date, to a maximum of 20 months.
If you have a balance owing for the 2021 tax year and are unable to pay it by the April 30 payment due date, the CRA will start charging you compound daily interest as of May 3, 2022. This includes any balance owing if your return has been reassessed.
The rate of interest the CRA will charge on current or previous balances can change every 3 months based on prescribed interest rates.
While it’s best to file and pay your taxes as soon as you can to minimize penalties, we put together a guide that explains what happens if you don’t file taxes.
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This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Small-Books assumes no liability for actions taken in reliance upon the information contained herein.
