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Prepping your taxes, including the 2022 tax brackets
Even if someone else does your taxes, you still have some prep to do. You will have to gather your documents to file your 2022 taxes, and here is a list to consider:
- T-slips, including:
- T4 (employment income);
- T4A (self-employment/pension/annuity income);
- T5013 (partnership income);
- T4A-P (Canada Pension Plan);
- T4E (employment insurance benefits);
- T3, T5, T5008 (interest, dividends, capital gains);
- T4A-OAS (Old Age Security);
- T4RSP (RRSP income);
- T4RIF (RRIF income);
- Other forms that you can use to summarize income and expenses for your taxes:
- T2125 (statement of business or professional activities);
- T776 (rental income and expenses);
- T2200/T2200S (employment expenses)
- Log of other income, such as tips
In addition to this list, you may also need receipts for the following: registered retirement savings plan (RRSP) contributions, school-related costs and income (such as tuition, scholarships, student loan interest, teaching supplies, etc.), childcare, medical expenses, charitable donations, digital news subscriptions, home buying expenses (Home Buyers’ Plan, moving expenses, etc.), sale of assets (real estate, investments, etc.) and more.
Here is a handy list of all the tax brackets in Canada for every province and territory. They can help you estimate what you may owe by figuring out where you are income-wise, which may help to plan accordingly for last minute your RRSP contributions.
Read: The 2022 tax brackets in Canada, based on annual income and broken down by province, too
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RRSP contribution room
The deadline for RRSP contributions is March 1, 2023, for the 2022 tax year. One of the biggest benefits of putting money into an RRSP is that it lowers the amount of income tax you’ll pay, both this tax year and in the long term. (It’s a myth that RRSPs are considered risky.) Whatever you contribute (up to your RRSP room) is deducted from your taxable income, meaning you could owe less tax or receive a bigger refund. It’s not until you withdraw from your RRSP that that amount is added to your taxable income. The ideal time is when you are retired and in a lower tax bracket than you were during your working years. So, you save in the long run, too.
Read: The best RRSP investments