2022 Canada Tax Deadlines & Penalties

tax deadline 2022 canada

Photo by Daniel Joseph Petty

This blog is not a substitute for the services and advice of a tax professional, but it is intended 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 and therefore, CRA will consider your return filed on time if they will receive it on or before May 2, 2022, or if it is postmarked 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.

Not filing your income tax return on time may result in you or your business having to pay penalties, interest, or delay receiving your tax refund and other benefits 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 which may vary from monthly to quarterly or annual. You are required to 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 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 and there are no guarantees that the VDP application will be approved. One of the most important controls exercised by the CRA is to apply for the program fairly and 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

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 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!

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest

Ready to live debt free?

Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
I had a good experience with Jackie. Making appointment to see her was easy and follow up was great. I appreciated the detailed information she gave and the clear explanation of the options I had. While I landed on this company without anyone's recommendation, I will be happy to recommend their services to those who need them.
Kipyego arap Serem
19:00 09 May 22
Jackie has been really helpful with my issues. She is approachable and friendly and I recommend her to anyone trying to access her services.
Ankita Sisodia
18:51 09 May 22
The service that was provided to me from Trina at David Sklar and Associates was nothing but superb! I was referred to them through family, and Trina was nothing but understanding and so so so helpful! Every part of the process was smooth and efficient and she explained everything to me so I would be able to understand the process. Can’t believe the weight that has been lifted off my shoulders. Thank you so so much Trina!
Christina Ivany
15:52 07 May 22
I’m so glad that I spoke to Rhoda. I was nervous having to claim bankruptcy, but Rhoda is very resourceful and has a wonderful way of putting you at ease. I felt like I was speaking to my best friend. Rhoda from the bottom of my heart thank you for your help and kindness it goes along way. Linda Bennett
Linda Bennett
15:29 06 May 22
I was absolutely terrified of admitting I needed help and was in a tough position where my best option was to file for bankruptcy. As someone with severe anxiety it was one of the hardest calls I had to make but once I spoke with Trina at David Sklar she immediately made me feel at ease and like I was in good hands. I mostly dealt with Trina and Eva who were so kind and communicative throughout the whole process and made it as painless as possible.I did briefly speak with a couple of other associates from time to time and they were also equally as lovely. The reviews for this company obviously say a lot about these guys and it rings true. I’m not someone who usually writes lengthy reviews but I am happy to recommend David Sklar and associates for anything. Thank you guys for always treating your clients like human beings and always being available for questions or concerns.
Emma Higgins
19:14 02 May 22
js_loader