What are my tax filing and tax payment due dates?
Mar 1, 2022: Deadline to contribute to an RRSP, a PRPP, or an SPP
Apr 30, 2022 (May 2, 2022, since April 30 is a Saturday): Deadline to file your taxes
Apr 30, 2022 (May 2, 2022, since April 30 is a Saturday): Deadline to pay your taxes
Jun 15, 2022: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
For more information please check out the link below:
What medical expenses can I claim to get a medical tax credit?
Several medical expenses are eligible that you can claim for yourself, your spouse, or your common-law partner, and it varies from province to province.
Compare the amount you can claim with the amount your spouse or common-law partner would be able to claim. It may be better for the spouse or common-law partner with a lower net income (line 23600) to claim the eligible medical expenses. Refer to the complete list here for finding Eligible medical expenses.
If you’re wondering about whether you can claim specific medical expenses, talk to your tax advisor or contact us today. For more information, please check out the link below:
What are the benefits of charitable donations?
Support your favourite cause and you can receive as much as 53% back through charity tax deductions.
To claim your credit, report it on your federal and provincial tax return. As a rule, at the federal level, your credit will be 15 percent of the first $200 of donations and 29 percent of your additional donations. All provinces also have similar credits, which fluctuate between 4 percent and 24 percent.
You do not have to claim all of the donations you made in the year they were made. When you donate over $200, you are automatically eligible to carry them forward and claim them on your tax return for any of the next five years. This flexibility means that the unclaimed carry forward portion may qualify for a larger tax deduction for you, in the future.
Read more about questions and answers about making donations here.
What can I claim for childcare expenses?
You may be able to claim childcare expenses if they were incurred so you could go to work, operate a business, go to school, or conduct research.
Note that childcare expenses can only be deducted against ‘earned income such as employment income earned on a T4, and not against dividends from your private company.
If you are the only person supporting the eligible child, you can claim child care expenses. If you are along with the spouse or common-law partner supporting the child then the person with the lower net income claims the child care expenses unless the conditions prescribed are met (talk to your tax advisor).
For more information on childcare expenses from CRA check the link below :
Can I deduct my support or alimony payments?
If you receive spousal support payments as a result of a written agreement or a court order, you must report this amount in your income.
Generally, you can deduct spousal payments that are the result of a written agreement or court order. Child support payments are not deductible.
Refer to the below-mentioned link to learn more about support payments deductions and supporting documents requirements
Where can I access my tax information?
It is highly recommended that you and your family members register with Canada Revenue Agency (CRA) to create a CRA user ID and password if you have not already done so.
“My Account for Individuals” is a secure online portal set up by the federal government that lets you view your personal income tax and other various benefit information online without waiting on the long calls to talk to CRA. Here are the steps to follow:
1. Click the link below
2. Choose ‘Create your CRA user ID and password
3. You will be directed to a series of personal questions to confirm your identity which includes your SIN number, postal code and amount reported on Line 150
4. You will be prompted to create a user id and password and will be prompted to create security questions and answers.
5. Once you have completed the process above, you’ll be provided with a security code via Canada Post mail. This will take approximately 10 business days to receive. Follow the provided instruction before the code expires and get access to your account.
For more information, please check out the link below:
Do I need to report my foreign property?
Form T1135 is called the Foreign Income Verification Statement and must be filled out by Canadian taxpayers who own foreign assets and when the cost amount of their foreign assets exceeds $100,000 at any time during the year.
Furthermore, form T1135 remains purely a disclosure form and doesn’t calculate your tax liability.
For new immigrants, the cost amount is the fair market value (FMV) of the property at the time of immigration.
Form T1135 is due on the same date as the income tax return for individuals, corporations, and trusts.
Failure to file Form T1135 by the due date results in a penalty of $25 per day (subject to a minimum penalty of $100) to a maximum of $2,500.
For more information, please refer to the link below:
To claim your tuition fees, you must have received one of the following forms from your educational institution:
Form T2202, Tuition and Enrolment Certificate
Form TL11A, Tuition and Enrolment Certificate – University Outside Canada
Form TL11C, Tuition and Enrolment Certificate – Commuter to the United States
Form TL11D, Tuition Fees Certificate – Educational Institutions Outside Canada for a Deemed Resident of Canada
You get the tuition tax credit which is a non-refundable tax credit used to offset part of the expense of college or university by reducing any tax the student may have payable.
Since it is a non-refundable credit and if the tuition amount is greater than the tax owed, the non-refundable credit can only be used to reduce or eliminate the student’s federal/provincial tax bill but won’t generate a refund.
If you aren’t able to use the full amount of the credit, any unused credits can be carried forward to a future tax year or transferred to a spouse/common-law partner or parent/grandparent.
For information, please refer to the following guide: