Tax-filing Season has Started
CRA has started accepting e-filed returns as of February 21, 2022, signaling the beginning of personal tax filing season.
Keep in mind that while most slips are required to be issued by February 28th, certain investment slips have a March 31 deadline and may not be come until early April. Be sure to compare to last year to ensure you have all your information prior to filing, and check to see if slips are available online as many institutions are no longer providing paper copies.
For those that received COVID-19 benefits or made repayments of benefits previously received, the amounts will typically be reflected on a T4A slip. There are a few exceptions that are still taxable, specifically amounts received under the wage or rent subsidy programs or the forgivable portion of the Canada Emergency Business Account loans. Repayments made for federal benefits can be deducted in the year repaid or in the year the benefit was received, so there is the potential for some tax savings based on your situation.
If you have any questions about your personal taxes, please feel free to contact one of our offices and we would be happy to help.
Contact our Cranbrook office at (250) 426-1976 or our Creston office at (250) 428-2248.