It is Tax Season!
This means that scammers are out in force looking for easy targets.
Don’t become one. Read tips on how to protect yourself.
Tips to protect yourself from tax scams: (This is not an exhaustive list)
- Never share your Social Insurance number with anyone over the phone/email.
- Don’t share your passwords, PINS or other codes with anyone.
- CRA does not call and threaten with sending police to your home if you don’t pay immediately over the phone.
- If someone calls claiming to be from CRA and you are suspicious, hang up and call CRA.
- CRA will never contact you via text messages or other social media apps (Facebook/WhatsApp).
- Remember it is up to you to be vigilant and be aware of scams. Read CRA tips to protect yourself from scams.
Personal income taxes must be filed by May 2, 2022. Late filing could result in penalties and interest.
If you are self-employed, your taxes must be filed by June 15, 2022. However, be aware that any taxes owing must be paid by May 2, 2022.
Don’t miss out on RRSP contribution. It is a great way to reduce taxable income and save for retirement.
|Federal Tax Rates for 2021|
|Taxable Income||Tax Rate|
|49,020 to 98,040||20.50%|
|98,040 to 151,978||26%|
|151,978 to 216,511||29%|
Personal Income Tax Deadline
Personal income taxes must be filed by April 30, 2021. Late filing could result in penalties and interest.
Filing your taxes in Canada
Mail-in: Filing online is the fastest way to file your taxes, however, if you prefer you can mail-in a paper copy.
File online: Filing taxes online is the fastest and easiest way to file your taxes.
Useful CRA links
- Personal Income Tax
- Business or Professional Income
- Child and Family Benefits
- Savings and Pension Plans
- Payments to Canada Revenue Agency
- CRA and COVID-19
Registered Retirement Savings Plan (RRSP)
RRSP is a retirement account, that allows Canadians to contribute up to their contribution limit. It has tax advantages, amounts contributed to this account reduce an individuals taxable income. However, amounts withdrawn from this account are taxed.
Tax Free Savings Account (TFSA)
TFSA is a savings account where Canadians can contribute up to their contribution limit. Any income earned in this account is tax free, this means income withdrawan from this account is not taxed.