 Guide to Preparing 2022 Personal Tax Returns
 What's new for 2022?
Personal tax calendar (2023) Personal tax rates and tools
Filing tips for 2022 personal tax returns
Chapter 1 – The T1 return – Getting started
Chapter 2 – Total income
Chapter 3 – Net income deductions
Chapter 4 – Taxable income
Chapter 5 – Federal non-refundable tax credits
Chapter 6 – Federal tax payable or refundable
Chapter 7 – Provincial and territorial tax
Chapter 8 – Quebec provincial income tax
 Chapter 9 – Special situations and tax planning
Overview Family tax matters What's new for 2022? Income and capital gains splitting Amended rules limit income splitting after 2017 Attribution rules Income attribution Tax on split income Capital gains attribution Income-splitting planning ideas Putting a prescribed rate loan in place Income splitting through a spousal RRSP Tax-free and tax-deferred savings (other than retirement savings) Tax-free savings accounts Overcontributions Tax on non-resident contributions TFSAs held by US citizens or green card holders Tax on prohibited or non-qualified investments held by a TFSA trust Tax on advantages Integration with other registered savings TFSA tips Tax-free first home savings accounts Registered education savings plans Canada learning bond RESP anti-avoidance rules Registered disability savings plans Eligibility Contributions RDSP investments anti-avoidance rules Tax-free rollover of amounts to an RDSP Payments RDSP election for beneficiaries with a shortened life expectancy Taxation Elder care – Assistance and credits Disability tax credit Canada caregiver credit Home accessibility tax credit Multigenerational home renovation tax credit Attendant care or nursing home care Full-time care Part-time care Student-related planning, assistance, deductions, and credits Benefits of filing a T1 return Student loans and lines of credit RESPs Employment income Scholarships Student expenses – Deductions and tax credits Tuition and related tax credits Transfer of unused tuition tax credits Child care expenses Moving expenses RRSPs – Benefit of compounding Accommodation Tax considerations on marital breakdown Attribution rules Support payments Professional fees Tax credits and deduction for child care Retirement planning What's new for 2022? Registered pension plans Individual pension plans Deferred profit-sharing plans Registered retirement savings plans Timing for RRSP contributions RRSP deduction limit RRSP deduction limit for 2022 Unused RRSP deduction room Carryforward of undeducted RRSP contributions Determination of earned income Additional RRSP contributions Retiring allowances Lump-sum receipts RRSP overcontributions Transferring between plans Withdrawal of funds before retirement Maturity of an RRSP Maturity options Locked-in plans Enhanced anti-avoidance rules for RRSPs and RRIFs Non-qualified investments Prohibited investments Advantage tax Filing requirements Waiver of tax payable Advanced life deferred annuities Variable payment life annuities Pooled registered pension plans Financing retirement – Additional options Retiring allowance Retirement compensation arrangement Anti-avoidance rules for RCAs Estate planning Overview Amended rules limit income splitting after 2017 Testamentary trusts – 2016 tax changes Wills Alter ego and joint spousal or common-law partner trusts Estate freezes When to implement a freeze When to implement a refreeze Other planning opportunities from a freeze Intergenerational transfer of family business Estate administration tax – Probate Inter vivos gifts Life insurance Charitable planned giving The 21-year trust rule US tax considerations for Canadians What's new for 2022? Substantial presence test Closer connection test US rental property Sale of US real property Claiming dependants on US tax returns US estate tax Single-purpose corporation for US real property Canadians working in the United States State taxes Deceased persons What's new for 2022? Overview Testamentary trusts – 2016 tax changes Terminal-year filing requirements Filing deadlines – Terminal return Filing deadlines – Prior-year return Payment deadlines Summary of important tax filing and payment dates for the terminal year Filing-due dates Terminal return Optional returns Prior-year returns Balance of tax owing – Due dates Terminal return and each optional return, irrespective of their filing-due dates Prior-year returns Computation of income Periodic payments Deduction of expenses accrued but not due on death Rights or things Inclusion in terminal return Return for rights or things Transfer to beneficiary Business income Income from trusts Deemed disposition of property at death Exceptions to the general deemed disposition rule Capital property Non-depreciable property Depreciable property Farming or fishing property Class 14.1 depreciable property/eligible capital property Partnership rights Relieving rules Principal residence Capital gains exemption Deferred income plans Registered retirement savings plans (RRSPs) Unmatured plans Refund of premiums Post-death decrease in value of RRSP Matured plans RRSP contributions RRSP home buyers' plan and lifelong learning plan Registered retirement income funds (RRIFs) Post-death decrease in value of RRIF Registered pension plans (RPPs) Advanced life deferred annuities (ALDAs) Deferred profit-sharing plans (DPSPs) Pooled registered pension plans (PRPPs) Registered disability savings plans (RDSPs) Tax-free savings accounts (TFSAs) Employee stock options owned at death Reserves in the terminal year Capital losses in the terminal year Computation of tax – Personal credits and deductions Medical expenses Charitable donations Carryback of losses from estate's first taxation year Shares of corporation – Special considerations Testamentary transfers of property to a spouse, common-law partner, or spouse or common-law partner trust Use of a spouse or common-law partner trust Creation of a spouse or common-law partner trust Vesting indefeasibly Tainted spouse or common-law partner trust Deceased's estate and beneficiaries Income of the estate Residence of a trust Multiple testamentary trusts Estate loss carryback Clearance certificates Potential problems in applying for the clearance certificate Distributions in satisfaction of capital interests Distributions in satisfaction of income interests US estate tax Chapter 10 – Taxation of immigrants, emigrants, and non-residents
Chapter 11 – Administration
Appendices
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