CRA will open accepting electronic filing of tax returns for year 2022 from February 20, 2023. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive any income slips after filing your tax return, you will need to amend your tax return filed.

If you failed to report an amount on your return for 2022 and you also failed to report an amount on your return for 2019, 2020, or 2021, you may have to pay a federal and provincial or territorial repeated failure to report income penalty. If you did not report an amount of income of $500 or more for a tax year, it will be considered a failure to report income.

As many deductions, claims, exemptions relating to tax laws generally change every year, it is strongly recommended to update yourself with new tax credits to maximize your tax refunds.  Even a  change in your family status or structure from the previous year requires different tax planning in the current year.  The checklist serves as a reminder of what types of payments are deductible or claimable under the new income tax law.  

Every year, many Canadian tax payers forget to bring all documents to their tax preparers, simply because they didn’t bother to view the checklist to ensure what else they can claim.

We have many checklists available on our website under useful links to help you as a reminder of various tax claims you can make while filing your 2022 income tax return.

Feel free to give us a call if you have any questions.

Key checklist links on our website:

• 2022 Personal Tax Update
• 2022 Personal Tax Checklist
• Rent Receipt Template
• Rental Income Template
• Self Employed Income Template