Important dates and forms to collect before filing your tax return – It’s your money
As you begin to prepare to prepare your 2021 tax return, I wanted to make sure you are aware of important upcoming dates and what you need to compile so that you have everything you need to file your statement with minimal hassle.
March 1 is the RRSP contribution deadline. As mentioned in my last column, the deadline for your RRSP contributions to be eligible for the 2021 tax year is March 1, 2022. Refer to your Notice of Assessment (NOA) or access “My Account” from CRA to confirm your total RRSP. contribution limit for the 2021 tax year.
May 2 is the tax filing deadline for individuals. The deadline to file your 2021 personal income tax return is May 2, 2022, unless you are self-employed. I appreciate that many Canadians try to file well before this deadline, but it is very important to wait until you have all your tax documents before doing so.
June 15 is the deadline for filing self-employed tax returns. The deadline for the self-employed is six weeks after the normal deadline, which is due to some of the additional complexities their filings may face. But since they can be more complex, it’s a good idea to start earlier.
What do you need to file your application? – While not an exhaustive list, most people should, at a minimum, compile the following:
1) RRSP Contribution Receipt “Rest 2021”—A statement of all RRSP contributions you made between March and December 2021.
2) “First 60 Days” RRSP Contribution Receipt—A statement of RRSP contributions made from January 1 to March 1, 2022.
3) Non-registered tax slips for personal and corporate accounts (T3, T5, T5008, etc.)—These statements will be issued if you have earned interest, dividends or capital gains in a personal, joint or business account, depending on the investments you hold in those accounts.
4) Income tax slips (T4, T4E, etc.)—Itemized tax statements for income earned by employees which includes contributions made to things like employer pension plans, union dues, etc.
5) Retirement tax slips (T4A, T4RSP, T4RIF, etc.)—These slips confirm the amounts that have been withdrawn from retirement accounts such as RRIFs, pensions and annuities and reported to the CRA.
6) Investment advisory fees—Most investment managers these days have moved to a “non-embedded” advisory fee model where the fees you pay for their management services are broken down and can be deducted from earnings earned. These fees are often found on your December 2021 customer statement.
Currently, it is also important to collect slips for all COVID-related income programs.
When should you file?—As mentioned above, I understand that many Canadians want the unpleasant task of filing their taxes sooner, but the organizations responsible for providing all of the above slips and receipts need time to put them together.
It is your responsibility to ensure that you have all the necessary information before filing your return. So be sure to make a list of everything you should receive and contact the appropriate party by the end of March if any are missing.
And when you have everything you need, make sure you don’t miss the deadline.