2022 Canadian Income Tax Guide: Deadlines, Filing & Deductions

It’s been an eventful year for personal finance: rising interest rates, volatile markets and shifting government programs all affected Canadians in 2022. With tax season approaching, this MoneySense 2022 Income Tax Guide for Canadians summarizes the key dates, changes and practical steps to help you file accurately and minimize what you owe.

Below is a table of contents for the guide followed by clear, practical coverage of each topic to help you prepare your 2022 income tax return.

When are T4s due, the tax deadline for 2022 and other important dates

Traditionally April 30 is the filing deadline, but in 2023 that date fell on a Sunday, shifting practical filing and payment schedules for many taxpayers. Below are the key dates and filing rules that applied to the 2022 tax year. Keep these deadlines in mind when gathering your slips and planning payments to avoid interest and penalties.

Tax	Date
GST/HST reporting for business owners	Varies by reporting period; see your GST34-2 information
Tax installment dates for 2022 (self-employed, rental or investment income)	March 15, 2022; June 15, 2022; Sept. 15, 2022; Dec. 15, 2022
Tax installment date for farming/fishing self-employed	Dec. 31, 2022
Last day to contribute to RRSPs for those aged 71 in 2022	Dec. 31, 2022
Last day to open, contribute to and apply for matching grants for an RDSP for 2022	Dec. 31, 2022
NETFILE opened for 2022 returns	Feb. 21, 2023
Deadline for employers to issue T4 slips	Feb. 28, 2023
Last day to contribute to RRSPs for 2022 (for those up to age 70 in 2022)	March 1, 2023
Last day to apply for a one-time Canada Housing Benefit top-up	March 31, 2023
Deadline to file taxes (residents and non-residents, unless self-employed)	May 1, 2023
Deadline to pay outstanding taxes	May 1, 2023
Deadline to file and pay taxes for someone who died between Jan. 1 and Oct. 31, 2022	May 1, 2023
Deadline to file if you or your spouse are self-employed	June 15, 2023 (payment due May 1, 2023)
Deadline to file and pay taxes for someone who died Nov. 1–Dec. 31, 2022	Six months after the date of death

Missing deadlines can be costly. The late-payment interest rate applied to unpaid taxes and a late-filing penalty may be charged: typically a base 5% of the balance owing plus 1% for each full month late, up to 12 months. These amounts can increase if you have a history of late filings or payments.

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Tax claims and notable changes for the 2022 tax year

Several federal and provincial changes affected 2022 tax filings. Some programs announced in 2022, such as the First Home Savings Account, did not take effect until 2023, but other credits and deductions did apply to the 2022 year. New and expanded credits could reduce your taxable income if you meet the eligibility criteria.

Examples to check for 2022: eligibility for the Canada Workers Benefit based on income; tax incentives for purchasing zero-emission vehicles; and educator expenses for eligible teachers. Provincial and territorial tax rules also changed in some jurisdictions, so review both federal and provincial claims that may apply to you.

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Preparing your taxes and the 2022 tax brackets

Gathering the right documents is the essential first step. Even if a tax professional completes your return, you need to provide complete and accurate information. Typical documents and forms for the 2022 return include:

• T-slips: T4 (employment), T4A (pension/self-employment/other), T4E (EI), T4A-OAS (Old Age Security), T4RSP/T4RIF, T3/T5/T5008 (investment income and dispositions)
• Partnership and business income: T5013, T2125 (business/professional activities)
• Rental income and expenses: T776
• Employment expense forms: T2200/T2200S, where applicable
• A log of other income such as tips and cash earnings

In addition, collect receipts for RRSP contributions, tuition and education amounts, childcare, medical expenses, charitable donations, eligible home-buying or moving expenses, and records of asset sales. Knowing your taxable income bracket for 2022 — federal and provincial — helps estimate tax owing and determine whether a last-minute RRSP contribution could be beneficial.

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RRSP contribution room and benefits

The RRSP contribution deadline for the 2022 tax year was March 1, 2023. RRSP contributions reduce taxable income for the year in which they are claimed, potentially lowering how much tax you pay or increasing your refund. Contribution room is limited to your available RRSP limit; contributions above that limit can incur penalties. Withdrawals from an RRSP are taxable in the year they are taken, which is why these accounts are most tax-efficient if funds are withdrawn in retirement when your income (and marginal tax rate) is lower.

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TFSA contribution room and rules

TFSAs do not have an annual filing deadline, but contributions must stay within your available TFSA limit to avoid penalties. The annual contribution limit for 2022 was $6,000 and for 2023 it was $6,500; your personal lifetime contribution room depends on your age and prior contribution history. TFSA contributions are not tax-deductible, but investment growth and withdrawals are tax-free, making TFSAs a powerful long-term savings vehicle.

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How GICs are taxed in Canada

Guaranteed Investment Certificates (GICs) earn interest income that is taxable in the year the interest is paid or becomes payable, unless the GIC is held inside a registered account such as an RRSP, TFSA or RDSP. The tax treatment depends on whether the GIC is registered or non‑registered, and on the account where it is held; plan accordingly to reduce the annual tax impact of fixed-income investments.

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Tax tips for Canadians

General tax advice varies by situation, but some practical tips apply broadly: keep thorough records and receipts; confirm eligibility for credits before claiming them; consider timing of income and deductible expenses; and review deductions available for special situations such as moving for work, claiming medical expenses or handling capital losses. We have compiled a list of effective and commonly useful tax tips for Canadian filers that cover a wide range of circumstances.

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How to get started on your tax return

Starting early reduces stress and helps avoid costly last-minute mistakes. Set aside time to collect slips, receipts and summaries of income and expenses. If you feel overwhelmed, break the task into smaller steps: gather slips first, then tally deductions, then complete the return or hand the documents to your accountant. Procrastination can lead to missed deductions or penalties, so aim to begin well before the filing deadline.

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Complicated tax situations and special cases

Certain tax situations require extra care: cryptocurrency trading may be taxed as capital gains or business income depending on frequency and intent; U.S. or foreign investments can create reporting and withholding tax issues; executors preparing a final return must handle both the deceased’s personal return and any estate returns; and rental or business income requires accurate expense tracking. When your tax situation is complex, documentation and, often, professional advice are essential to ensure compliance and optimize outcomes.

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Further reading and resources for filing your 2022 income tax return

• MoneySense Guide to Personal Income Tax 2021 — historical context and reference
• MoneySense Guide to Personal Income Tax 2020 — tips and lessons from earlier filing seasons
• Can you save tax by moving into your rental property? — rules and examples
• How spouses with joint accounts should claim capital losses — practical filing guidance
• Tax-efficient retirement strategies — considerations for income splitting and account withdrawals
• Capital gains tax on the sale of property — how principal residence exemptions and gains are treated