With tax season upon us, it’s time to begin preparing your personal tax returns.
When getting ready to file your 2021 personal tax filing, make sure you keep in mind that the RRSP deadline for the 2021 tax year is March 1, 2022. Make sure to make any contributions you would like to before that date. You can find your RRSP contribution room on your 2020 Notice of assessment, by logging into your CRA account or by reaching out to us.
As you know, 2021 was another very unique year. COVID 19 changed the course of our lives and
businesses so everyone has had to adapt to the new norm. This may affect your tax situation as
well, especially if you received COVID-19 related benefits, so please let us know if you did.
There are new tax credits for people in this situation which can save you hundreds in taxes.
Over the last few years, there have been many changes to our taxation system and it’s extremely important that you keep yourself updated on them. For this year’s tax season, we’ve got some vital information you definitely should know. Continue reading about them below, as they may just give you a helping hand for your taxes this year.
Key Tax Tips and Tricks for this Year’s Tax Season
- The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed.
- Employees working from home in 2021 due to the COVID-19 pandemic will again have the option to claim a deduction against their employment income using the temporary flat rate method. The maximum claim will increase to $500 from $400 in 2020.
- The RRSP Deadline is March 1, 2022 for the 2021 tax year. December 31 is the last to to contribute to your own RRSP if this is the year that you turn 71.
- Read more on CPACanada.ca about the changes to your taxes this year.
If you have any questions, concerns or would like to book an appointment with one of our tax professionals, please don’t hesitate to call us at 604-227-1120 or email us at info@advancedtax.ca.
Need a hand getting all of your personal tax documents together?
We have provided a checklist that will assist in assembling the information required.
Please use it to help get your information together so as not to miss out on any tax savings. Send
the checklist along with the required documents to our office. You can mail, email, fax, courier
or drop off the documents at your earliest convenience.