Tax Season 2022

March 1, 2022 – April 30, 2022 at 11:59:59pm (“midnight”)

2020 and 2021 were years we’ve never seen before. The Coronavirus, Covid-19, disrupted the economy in Canada and throughout the world. People were ordered to stay home and not leave the house. All businesses, except essential services, were closed. 2021 promised to offer ubiquitous challenges. Canada has moved from the all-encompassing Canadian Economic Response Benefit (CERB) to a more selective approach to aid via Employment Insurance (EI).

There are benefits to the switch to EI. The change allows the self-employed to be enrolled in and pay into an Employment Insurance plan that will offer some financial relief should an insurable event occur. This is a welcome platform during the coronavirus.

Economic Mitigation

Interest rates dipped during 2020. The dip in housing prices lured many to purchase their dream homes. Be careful. Historically, interest rates rose considerably after global medical and social disruption. It was 1968 that started the economic ball rolling towards the 25% mortgage interest rates of the 1980s. We are entering 2022 and are facing a very similar economic pattern. Don’t be surprised when interest rates rise multiple times per year until Canada has fully recovered from the pandemic.

Taxes 2022

Let’s get to the nitty gritty on those income taxes. Tax season runs from late February to April 30, 2022. It is *always* best to get your taxes filed as close to the beginning as possible.

*sage advice* Don’t leave it to the last minute. It is important to leave a little extra time just in case there are questions for which you need to dig to find answers. It happens. Every year, it happens.

So – where and how do you get started?

The Easiest Route
1. Call CityCat at 250-592-1313
2. Sign to Authorize CityCat at Level 2 on a T1013 (Greek lingo for “Authorization to Represent”)
3. Sign a T183 (more Greek lingo meaning “submit via efile for me”)

That’s it. You’re done. No more steps to follow. You can relax and wait 2 weeks before your pockets are potentially filled with mega-bucks. Easy, right? It’s the easiest.

BUT… What if you haven’t filed 2020, 2019 or 2018 yet? 2017? Or 2016? Or any other year…. We can help. Give us a shout and we will get you caught up.