Year-end tax reporting deadlines for 2022

Your key tasks and dates for 2022 and early 2023

At Common Wealth, our job is to make your plan easy to manage – especially at year-end.

To help make sure that all of your 2022 payroll contributions are counted for this tax year, and your employees get the tax documents they need, here’s a preview of what you’ll need to do and when.

1. Update your payroll register by December 28, 2022

To ensure that December plan contributions are processed before the end of the year, please upload your final payroll 2022 register in your Employer Dashboard no later than 12 noon (EST) on December 28, 2022.  

What Common Wealth will do

Once we’ve finalized your 2022 contributions, we’ll provide the annual TFSA information return to the CRA and provide all plan members with their RRSP contribution receipts (one in February and another in late March). If any plan members have withdrawn RRSP savings in 2022, they can expect a T4RSP from Common Wealth in February 2023.

2. Include employer RRSP and TFSA contributions on T4s

When preparing T4 slips, please include employer RRSP and TFSA contributions in Box 40 (Taxable Benefits).

2022 RRSP deadline and 2022 RRSP/TFSA limits

  • The last day to make a 2022 RRSP contribution is February 28, 2023.
  • The 2023 RRSP contribution limit is 18% of 2022 earnings, up to a maximum of $30,780.
  • At the time of this writing, the 2023 TFSA contribution limit has not yet been confirmed by the Canada Revenue Agency. We’ll update this page once it’s official.

 

Questions?
If you need help, reach us at support@commonwealthretirement.com or book a call with our Customer Success team.

Common Wealth

Common Wealth

Common Wealth is on a mission to make it possible for every Canadian to have a financially secure retirement. We provide a quick and easy retirement planning and saving experience, powered by a turnkey digital platform.

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