faq
When is my tax return due?
Canadian personal tax returns and related tax payments are due on April 30
Tax returns for self-employed persons are due on June 15.
However, any amounts owing are due by April 30.
Refer to the CRA website for other due dates.
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.
Refer to the CRA website for further information.
What are the federal tax rates for 2022?
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15% on the first $50,197 of taxable income, and
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20.5% on the portion of taxable income over $50,197 up to $100,392 and
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26% on the portion of taxable income over $100,392 up to $155,625 and
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29% on the portion of taxable income over $155,625 up to $221,708 and
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33% of taxable income over $221,708
Refer to the CRA website for a full list of income tax rates for individuals.
What are the provincial tax rates for 2022 (Ontario)?
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5.05% on the first $46,226 of taxable income
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9.15% on the next $46,227-$92,454
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11.16% on the next $92,455-$150,000
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12.16% on the next $150,001-$220,000
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13.16 % on the amount over $220,000
Refer to the CRA website for a full list of income tax rates for individuals.
What documents are required to file my tax return?
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Previous year's tax return and notice of assessment
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Personal information
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T-slips
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Other income and expenses
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Receipts
Use our Tax Checklist to ensure you are not missing any documentation.
What business expenses can I claim?
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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.
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To simplify bookkeeping, use our Categorize Business Expenses list.
Refer to the CRA website for more information on claiming business expenses.
