Are you ready to file your 2022 income tax return? Personal tax season is just around the corner and if that stresses you out, we’ve got you covered!
Here is your comprehensive guide to a stress-free 2022 tax season.
2022 tax season important dates
The deadline for filing your 2022 tax return is April 30, 2023. However, since that date falls on a Sunday, your return will still be considered on time if it is filed on May 1, 2023 or if it is postmarked on or before May 1, 2023.
If you or your spouse are self-employed, the deadline for filing your return is June 15, 2023.
Proper preparation before doing your taxes can save you time and money on your return. If you work with an accountant, having your documents organized and properly labeled will prevent additional costs associated with administrative time. If you do your taxes yourself, getting organized ahead of time will make the process significantly easier.
We’ve created a full guide for organizing your documents for tax time, including tips like:
- Sort like documents into physical piles or digital files.
- Make a list of all the forms and slips you’ll need ahead of time. Refer to our personal tax checklist for help.
- Make sure you are able to access MyCRA and troubleshoot ahead of time if there are any issues.
When to hire a personal tax accountant
Do you normally do your own taxes? We recommend revisiting your decision about whether or not to hire an accountant on a yearly basis. While you may not have issues filing a simple return yourself, there are many life events and choices that can start to complicate your taxes. Examples include:
- Purchasing new investments
- Buying assets such as a home or vehicle
- Switching jobs, taking on contract work or starting a side hustle
- An increase in medical expenses
- Qualifying for new credits or deductions as a result of changes made by the CRA
So, how do you know if you need an accountant? Put simply, if the cost of hiring a personal tax accountant is outweighed by the savings they will be able to get you on your tax return and/or the time and stress they will take off your plate, then it’s probably a good idea to start searching for a personal tax accountant near you!
RHN has a passionate team of personal tax experts who can take the stress out of your tax returns. Even if you’re not sure whether you need an accountant, contact us and we can help you make the decision that’s best for you.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.