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2022 Personal Tax Time Is Here!

Hello!

Hope this (mostly) mild February is treating you well! With the weather forecasted to be a balmy 13 degrees coming Wednesday here in Ontario, what more could we ask for!

Now that tax time is upon us, we're here to help make the process a little bit easier; so grab a hot chocolate and let’s get started.

Here is what we ask you to do:

• Download our 2022 Personal Tax Checklist (link below for the fillable pdf).

• Start organizing your documents electronically (we do not accept paper copies) and checking them off on our checklist.

  • There are plenty of free apps to “scan” your docs using your phone.

• The checklist covers most standard items. Use the “Notes” section to provide a short brief of any items that apply to you specifically.

• Sometime early March, you should have received all your tax receipts; in some cases, even sooner.

• If you owned more than one rental property or sole proprietorship business, just duplicate and complete our spreadsheet templates for each.

• Once you know you’ve got everything, get in touch your Account Manager on the Think Team who did your taxes last year.

• Our team will send you a link to your online folder where you can upload your documents along with the completed checklist.

• From there, we’ll get started with your taxes and be in touch with any questions, or when they are ready for your review.

What’s New for 2022 Personal Taxes:

• If you had to repay some of COVID-19 payments in 2022, you will get a new T1B slip.

• If you purchased your first home in 2022, that credit went up to $10,000.

• Home Accessibility Tax Credit went up to $20,000.

• $4,000 deduction for Travel and Temporary Relocation expenses of Tradespeople.

• Previously disallowed surrogacy related expenses are now eligible for medical expense tax credit.

• If you owned Canadian residential property as a non-resident individual, a Corporation (whether Canadian or non-resident), a Trustee, a Partnership or Nonprofit, you must file the Underused Housing Tax Return. Penalties could be a minimum of $5,000 for individuals or $10,000 for corporations on late filing.

• Ontario Staycation Tax Credit of up to $200/person or $400/family for eligible accommodation expenses in Ontario.

• If you are self-employed, and purchased long-term assets for your business (there are some exceptions), such as computer equipment, vehicle, etc., you may be eligible for immediate expensing of up to $1.5 million in the same year! That is, no need to depreciate over a number of years. This benefit continues until 2024 and is also applicable to Partnerships and Canadian Controlled Private Corporations.

Key Dates (excluding corporations):

• Feb 20th - CRA Portal opens to start accepting personal tax returns.

• March 1st - RRSP contribution deadline.

• We ask that you submit your documents to us as early as possible. Aim for first half of March. However, for any documents received after April 16th, we cannot guarantee that the returns will be filed on time.

• March 31st - Tax filing deadline for Trust Returns with a Dec 31st year-end and Partnership Returns that only has individuals as partners.

• May 1st - Tax filing and payment deadline for personal tax returns for individuals who are not self-employed or spouse of a self-employed individual.

• June 15th - Tax Return and HST Return filing deadline for self-employed individuals, or their spouses. However, the payment deadline for both the returns is still May 1st.

Download Checklist + Templates

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