With the holiday season approaching, income tax issues for the current year are unlikely to be top-of-mind for most Canadians — and planning for taxes for the upcoming 2022 tax year may seem too remote to even be considered.

During the month of December, it’s customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus, or an employer-sponsored social event.

For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. What that means for individual Canadians is that any steps taken to reduce their tax payable for 2021 must be completed by December 31, 2021.