CRA Updates Jason Smith CRA Updates Jason Smith

June 15, 2022, is the deadline for self-employed individuals to file their 2021 income tax and benefit return

The Canada Revenue Agency (CRA) is here to support you and your business in meeting your tax obligations.

If you are a self-employed individual, or if your spouse or common-law partner is self-employed, you have until June 15, 2022, to file your 2021 income tax and benefit return.

What are my tax obligations as a self-employed individual?

If you earned self-employment income from a business that you operate yourself or with a partner, you have to report that income by filing a tax return.

When you're self-employed and you operate your business, you must pay the following:

  • personal income tax

  • Canada Pension Plan contributions

  • Employment Insurance premiums if you are eligible and have registered to participate

Reporting your income also means that the CRA will have the most accurate information on file to determine if you are eligible for provincial and territorial tax credits and benefits, the GST/HST credit and the Canada child benefit.

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CRA Updates Jason Smith CRA Updates Jason Smith

Are you self-employed? The Canada Revenue Agency can help you understand your tax obligations

If you're self-employed, we understand that navigating your tax obligations may seem complicated. But don't worry! The Canada Revenue Agency (CRA) is focused on supporting you. To get ready for tax-filing season, we've put together helpful tips and information for self-employed individuals.

The 2021 tax-filing deadline for self-employed individuals is June 15, 2022. You have until June 15, 2022 to file your 2021 tax return if you or your spouse or common law-partner are self-employed.

The 2021 payment deadline is April 30, 2022. Although your 2021 tax-filing deadline is June 15, 2022, your payment is still due on April 30, 2022.

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CRA Updates Jason Smith CRA Updates Jason Smith

How to find help if you can’t pay your taxes

If you’re struggling to pay your tax debt, we understand and are here to help regardless of your tax situation. If you ignore your tax debt, it will grow with interest charges and penalties. Instead, let’s work together to figure out what your options are based on your financial situation.

Please note that penalties only apply if you file late or pay by instalments and your instalment payments are late or less than the required amount. Debts associated with COVID-19 Individual Emergency Benefits overpayments will not have penalties or interest assessed against the amount owing.

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CRA Updates Jason Smith CRA Updates Jason Smith

Tax preparers and professionals: Here’s what you need to know for the 2022 tax-filing season

Since April 30, 2022, falls on a Saturday, your clients’ return will be considered filed on time in either of the following situations:

  • we receive it on or before May 2, 2022

  • it is postmarked on or before May 2, 2022

Your clients have until June 15, 2022, to file their return if they or their spouse or common law-partner are self-employed.

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CRA Updates Jason Smith CRA Updates Jason Smith

What you need to know for the 2022 tax-filing season

Last year, Canadians filed almost 31 million income tax and benefit returns. Having the information you need on hand to file your return makes the filing process that much easier. We want to help you get ready, so you are in good shape when it comes time to file your return this year.

Here you will find information on filing options, COVID-19 benefits, and what’s new for this tax-filing season.

The tax-filing deadline for most individuals is April 30, 2022…

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