As we enter February, we wanted to share a few tips and upcoming tax related dates in 2022.

Your TFSA

The Canadian government this year announced that they will be keeping the annual contribution limit $6,000 for the Tax Free Savings Account. The TFSA is an excellent tool for your investments to grow tax free. Interest, dividends and capital gains earned are considered all tax-free for life. If you have any questions regarding your TFSA please let us know.

RRSP Deadline

The RRSP deadline is quickly approaching. The cutoff date to make a contribution to your Registered Retirement Savings Plan (RRSP) for hte 2021 tax year is March 1^st 2022. You can find your 2021 tax deduction limit on your 2020 notice of assessment (NOA). RBC recently released an article giving a full overview of the benefits of having a RRSP.

Important Tax Information

May 2^nd – last day to file your 2021 tax return without penalty
June 15^th – last day to file your 2021 tax return without penalty if you are self-employed

The 2021 Tax Reporting Guide summarizes the different types of tax slips and the 2022 handy financial planning facts page provides additional helpful tips to help plan for 2022.

Below is an outline of when the tax slips will be mailed out or available electronically if you have selected this option. If you would like to switch to electronic delivery of tax slips either follow the steps here or please email us and we will assist you. 

Tax Package	Mailing Date
Registered Accounts:
T4RSP/RL-2 Forms T4RIF/RL-2 Forms T4A/RL-1 Forms NR4 Forms	February 15, 2022
Non-Registered Accounts:
T5/RL-3/NR4 Package	Approximately February 17, 2022
T5 Additional Package (Split corps)	Between February 25 - February 28, 2022
T3/RL-16/NR4 Package (Income Trusts)	From March 11, 2022 - Completion
Asset Management Mutual fund slips (T5/RL-3/T3/RL-16/NR4)	Between February 25 - February 28, 2022
T5013/RL-15 (Limited Partnership Units)	From March 11, 2022 - Completion
1099 Packages (for QI/U.S. persons)	Approximately March 1, 2022 (not available for eDelivery)
1042-S Slips/Package	Approximately March 31, 2022 (not available for eDelivery)
Contribution Receipts:
Remainder of 2021	January 11, 2022
January 1 2022 – January 10 2022	Between Jan 12 to Jan 17, 2022
Januarary 11, 2022 and on	2-5 business days based on volumes
RIF Evaluation Letters, Tax Packages:
RIF Evaluation Letters	Approximately January 31, 2022 (not available for eDelivery)

 

As always if you have any questions regarding the above information or assistance with adding funds to these tax-sheltered plans, please contact us.

Wishing you a wonderful month ahead.

Hayes Vickers Private Wealth