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Tax deadlines and limits for the 2022 tax year (January 2022)
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning strategies. Some of the more significant dates and changes for individual taxpayers for 2022 are listed below.
RRSP deduction limit and contribution deadline
The RRSP current year contribution limit for the 2021 tax year is $27,830. In order to make the maximum current year contribution for 2021 (for which the contribution deadline will be Tuesday March 1, 2022), it will be necessary to have earned income for the 2020 taxation year of $154,612.
Tax-free savings account (TFSA) contribution limit
The TFSA contribution limit for 2022 is unchanged at $6,000. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.
Taxpayers can find out their personal 2022 TFSA contribution limit by calling the Canada Revenue Agency’s (CRA’s) Individual Income Tax Enquiries line at 1-800-959-8281. Those who have registered for the CRA’s online tax service My Account can obtain that information by logging into My Account.
Individual tax instalment deadlines for 2022
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2022.
The actual tax instalment due dates for 2022 are as follows:
Tuesday March 15, 2022
Wednesday June 15, 2022
Thursday September 15, 2022
Thursday December 15, 2022
Old Age Security income clawback threshold
For 2022, the income level above which Old Age Security (OAS) benefits are clawed back is $81,761.
Individual tax filing and payment deadlines in 2022
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2021 tax year is Monday May 2, 2022.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2021 on or before Monday May 2, 2022.
Self-employed taxpayers and their spouses must file a 2021 income tax return on or before Wednesday June 15, 2022.