Income tax guide for Canadians 2022: Deadlines, tax tips and more
Preparation of your taxes, including 2022 tax brackets
Even if someone else is handling your taxes, you still have preparations to make. You’ll need to gather your documents to file your 2022 taxes, and here’s a list to consider:
- T-slips, including:
- T4 (employment income);
- T4A (self-employment/pension/annuity income);
- T5013 (partnership income);
- T4A-P (Canada Pension Plan);
- T4E (employment insurance benefits);
- T3, T5, T5008 (interest, dividends, capital gains);
- T4A-OAS (Old Age Security);
- T4RSP (RRSP income);
- T4RIF (RRIF income);
- Other forms you can use to summarize income and expenses for your taxes:
- T2125 (statement of business or professional activities);
- T776 (rental income and charges);
- T2200/T2200S (employment expenses)
- Journal of other income, such as tips
In addition to this list, you may also need receipts for the following: registered retirement savings plan (RRSP), school-related fees and income (such as tuition, scholarships, student loan interest, educational supplies, etc.), child care, fees medical, charitable donations, digital news subscriptions, home buying expenses (home buyers’ plan, moving expenses, etc.), sale of assets (real estate, investments, etc.) ) and more.
Here is a handy list of all tax brackets in Canada for each province and territory. They can help you estimate what you might owe by determining your income level, which can help you plan your last-minute RRSP contributions accordingly.
Lily: Canada’s 2022 tax brackets, based on annual income and broken down by province as well
RRSP contribution room
The deadline for RRSP contributions is March 1, 2023 for the 2022 tax year. One of the biggest benefits of putting money in an RRSP is that it reduces the amount of tax on the income you will pay, both this tax year and over the long term. (It’s a myth that RRSPs are considered risky.) Whatever your contribution (until your RRSP contribution room) is deducted from your taxable income, which means you may owe less tax or receive a larger refund. It is only when you withdraw from your RRSP that this amount is added to your taxable income. The ideal time is when you are retired and in a lower tax bracket than you were in during your working years. So you also save in the long run.
