2022 Canada Tax Deadlines & Penalties

tax deadline 2022 canada

Table of Contents

This blog is not a substitute for the services and advice of a tax professional. We intend for it to give you a general overview and access to resources.

2021 Income Tax Filing Deadlines

The filing of each type of tax return has its own prescribed deadlines.

For example, the income tax-filing deadline for individuals is April 30, 2022, and for self-employed taxpayers – June 15.

However, in a specific year, due to various reasons Canada Revenue Agency (“CRA”) may extend filing deadlines.

This year April 30 falls on a Saturday. Therefore, the CRA will consider your return filed on time if they will receive it on or before May 2, 2022. You can also postmark your return on or before May 2, 2022, in case you mail your return to the CRA.

Despite tax-filing dates, if you have a balance owing to CRA your payment is due on April 30 (May 2, 2022 – this year) including for self-employed individuals. 

Some sole-proprietorship and partnership businesses may opt to follow a non-calendar fiscal year and if so, they have to file the returns six months after the end of their fiscal year. The same applies to filing corporate income tax returns. The deadline for paying taxes owing by a corporation may vary.

What if I Miss the Tax Deadline?

Not filing your income tax return on time may result in you or your business having to pay penalties. You may also have to pay interest or delay receiving your tax refund and other benefits. These other benefits are those administered by the government, like GST/HST credits and Canada Child Benefit.

In regard to GST/HST returns, the filing due dates depend on the business GST/HST filing period. The filing period may vary from monthly to quarterly or annual. You must file these returns even if you have no business transactions. After you file the returns, CRA will send you a prescribed form if you owe GST/HST for the reporting period. You have to use that form to pay any outstanding amount. In case of a refund, CRA may process it in a 2–4-week period.

What is the Voluntary Disclosure Program?

If you owe taxes to CRA and if you were to file the return late, CRA will add penalties to the amounts owing.

Thanks to Voluntary Disclosure Program (“VDP”), in certain cases, CRA may grant penalty relief and even partial interest relief. This happens if the taxpayer comes forward to file outstanding tax returns and/or correct errors and omissions in the other tax filings. Some of the situations where you may take advantage of the VDP application generally are as follows:

  • The tax return was not filed and is now late
  • Underreported income on a tax return that is already filed
  • Ineligible expenses were claimed in the return that is already filed
  • Incomplete information was provided in the previous return

The VDP is available to businesses and individuals. It is designed to encourage self-reporting as opposed to CRA conducting its own reviews, audits, and making discoveries. CRA will screen each application to make sure it complies with certain predetermined conditions. There are no guarantees that they will approve the VDP application. One of the most important controls exercised by the CRA is to apply for the program fairly. They are sure not to reward taxpayers for avoiding paying the taxes. If CRA identifies intentional conduct on the part of the taxpayer, then it may either deny the application or grant only limited relief. There might be restricted mechanisms to dispute CRA decisions under the VDP.

Let’s Talk

What is the Taxpayer Relief Program?

CRA also has another venue for taxpayers to ask for relief, which is called the Taxpayer Relief Program (“TRP”). 

Under the TRP, you may be granted relief from penalties or interest if you could not meet your tax obligations due to some extraordinary circumstances, financial hardship, or actions by CRA, etc.

Lastly, if you are not eligible for either VDP or TRP, you may ask for a remission review which is reserved for very extenuating circumstances like extreme financial hardship, mistakes by the CRA, or unintended results of the legislation, etc.

You may apply for these programs yourself or through the professional services of a tax lawyer.

Speak To the Licensed Debt Professionals

Once you decide what you want to do and CRA makes its final determination about the amounts you owe, CRA will expect you to repay your debt to them on mutually agreeable terms. CRA may suggest you obtain a loan to pay your debt to CRA. Consider this option very carefully as it might not improve your financial position. Borrowing money is not free.

Unfortunately, not everyone has the financial means to repay their obligations to the CRA. In these cases, CRA might refer the tax-payer accounts to collections and resort to enforcement actions, such as wage garnishments, freezing bank accounts or registering liens.

If you are unable to pay CRA and need help, schedule a free consultation with one of our Licensed Insolvency Trustees at  David Sklar & Associates to learn more about your options. The sooner you reach out for help, the more options you will have. 

Let’s Talk

Featured Image by Daniel Joseph Petty from Pexels

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

I was a little nervous going into my consumer proposal with David Sklar & Associates as I had a horrible experience attempting to file with a different group.Following the first correspondence, I immediately felt much more relaxed and confident in my decision.Beatriz was incredible! I feel so lucky to have had her working with me.She was friendly and kind, professional, patient, considerate, and caring. I felt no judgment in anyway. Honestly, speaking with her regarding my debt felt like I was speaking with a family member – just very easy to discuss how I ended up in my financial situation and being met with understanding, no judgment.Mark was also very kind and made sure that I understood what was discussed and was open to going over it again if needed prior to signing.David Sklar & Associates is the team you want handling and assisting you with your debt. I have only positive things to say about them and will 100% recommend them to anyone if the situation ever arises.
ally.
1701530179
Helped me with filing for bankruptcy and getting a fresh start and made the whole process seamless and easy.
Sameer Kamal
1701361659
I would like to say "Thank you very much" for David Sklar team that handled my case smoothly and without any issues! I am glad that I ve got consultation by Jerry Janiec. He explained me all process in details and told me right away what options I do have to resolve financial difficulties. I ve proceed with consumer Proposal option and entire process was very smooth. Jerry took care of my case and gave me personal recommendations for future! Thank you very much Jerry and Hernee for your help and really take care of your clients!
Alexander Arepyev
1701306224
Very knowledgeable, helpful and fast service
Anthony Mcfeat
1701299046
I am so delighted to have found this company. They are the best. Everyone in the office is very nice never to busy to assist you. Thank you David Sklar and Shirley and associates for being you. 😊🌺😊
Deborah
1701263894
Trina was amazing and quick. No judgement was made and they all made me feel I made the right decision. Would highly recommend them
Crystal Minaker
1701222756
Trina was very easy to work with. Any questions I had were answered promptly. What seemed like a complicated process was explained in a clear manner that wasn't at all intimidating. It made for a more comfortable experience during a turbulent time.
Eldon Aubie
1701134421
Jackie is very professional...I would recommend David Sklar to anybody especially knowing how understanding they are.
Kimberley Lyder-Niles
1700968057
I had Shirley and Kim take care of my finances. From the very first moment I spoke with Shirley I could sense how caring, professional and patient she was. She was also very understanding with my lack of financial knowledge and never made me feel dumb as some other companies have.Her and Kim were always very quick to respond to emails, always available if I called and answered my abundance of questions in such detail that I now believe I have a thorough understanding of how finances work. I am hopeful about my fresh financial start and very grateful I had the privilege of meeting and working with these two beautiful women.I also spoke briefly with Richard over zoom and he to was extremely friendly, patient and made sure I was well taken care of.I could not recommend David Sklar and Associates more. Thank you again.
Shayleen Muzi
1700875951
Good professional team! Jennifer is the best, helped me through everything and answered all my questions. Made the process easy! Would recommend Jennifer and the team at David Skylar.
gary round
1700868378
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us