Understanding the Tax Deadlines In 2022

A taxpayer must know their tax deadlines to avoid penalties and interests.

April 11, 2022

Everyone in Canada must be thinking, when are taxes due in 2022? The thing is that you must know the exact date of your tax submission. The tax filing season has almost started for the year 2022. So filing and paying the taxes on time is always a good idea. 

Personal Tax Deadlines

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The tax deadline for personal tax is May 2. It used to be on April 30 every year. But this year, the usual tax deadline falls on Saturday. That's why an extension is given to the next business day, May 2, 2022.

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"The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing." –Jean Baptist Colbert

Self-Employed Tax Deadlines

The tax deadline for all self-employed returns is June 15, 2022. But remember this, if you owe any taxes, it is necessary to submit a return by May 2, 2022. You can get to know about your tax deadline by making a payment before the initial deadline of May 2. In this way, you can file your self-employment return between the payment date and June 15.

GST/HST Tax Deadlines

The tax returns for GST/HST depend on your remittance filing.

There are four conditions:

1. Monthly Filers

If your GST returns are filed monthly, the returns are due one month after the end of the reporting period.

For example, an April 1-30 filing period means the return date is May 31.

2. Quarterly Filers

If your GST returns are filed quarterly, the returns are due one month after the end of the reporting period.

For example, in a July 1 - September 30 filing period, the return is on October 31.

3. Annual filers (Except Individuals)

If the GST returns are filed annually by your business that is not an individual, the return and amounts are due three months after the end date of the reporting period.

For example, for June 1, 2021 - June 30, 2022, the filing period, the return is due September 30, 2022.

4. Annual Filers (Including individuals)

Individuals who file their GST annually have different dates, having December 31 as their fiscal year and tax end year.

For example, GST owing is on April 30, 2022, and the filing of GST returns is on June 15, 2022.

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"There may be liberty and justice for all, but there are tax breaks only for some." –Martin A. Sullivan.

Corporate Tax Deadlines

Corporate tax deadlines are slightly different from personal deadlines. Corporations can have year ends that cannot be December 31.

So, you need to know about two conditions:

Condition 1:

If a corporation's tax year-end is on the last day of a month, then the return is on the last day of the 6th month after the year-end.

For example, the year-end due date for December 31, 2021, is June 30, 2022.

Condition 2:

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If the last day of the tax year is not the last day of a month, then the return is on the same day of the 6th month after the year-end.

For example, for September 15, 2021 year-end, the due date is March 15, 2022.

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"You must pay taxes. But no law says you gotta leave a tip." –Morgan Stanley.

Let's Wrap it Up!

Filing your taxes on their due dates is one of the best ways to prove yourself as a responsible citizen. However, you have to keep updated with the changes in the tax system to avoid missing the deadlines. If you need any clarification regarding the tax deadlines in 2022, please click on this link to Book an appointment with Yogi & Associates. You can also visit our office situated in Mississauga. 

Laila Batool

Executive Journalist

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