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In the Classroom

faq

April 30 Cal.jpg

When is my tax return due?

Canadian personal tax returns and related tax payments are due on April 30

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Tax returns for self-employed persons are due on June 15.

However, any amounts owing are due by April 30.

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Refer to the CRA website for other due dates.

Organized Files

How long do I need to keep my records?

The Canada Revenue Agency requires that books and records must be retained for a period of six years from the end of the last tax year they relate to. 

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Refer to the CRA website for further information.

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What are the federal tax rates for 2022?

  • 15% on the first $50,197 of taxable income, and

  • 20.5% on the portion of taxable income over $50,197 up to $100,392 and

  • 26% on the portion of taxable income over $100,392 up to $155,625 and

  • 29% on the portion of taxable income over $155,625 up to $221,708 and

  • 33% of taxable income over $221,708

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Refer to the CRA website for a full list of income tax rates for individuals.

Business Graphs

What are the provincial tax rates for 2022 (Ontario)?

  • 5.05% on the first $46,226 of taxable income

  • 9.15% on the next $46,227-$92,454

  • 11.16% on the next $92,455-$150,000

  • 12.16% on the next $150,001-$220,000

  • 13.16 % on the amount over $220,000

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Refer to the CRA website for a full list of income tax rates for individuals.

Checklist

What documents are required to file my tax return?

  • Previous year's tax return and notice of assessment

  • Personal information

  • T-slips

  • Other income and expenses

  • Receipts

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Use our Tax Checklist to ensure you are not missing any documentation.

Image by Scott Graham

What business expenses can I claim?

  • Only the portion of expenses that directly relates to your business can be deducted. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.

  • To simplify bookkeeping, use our Categorize Business Expenses list.

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Refer to the CRA website for more information on claiming business expenses. 

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How can I submit my documents?

Click here for details on how to submit documentation to us.

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