Individuals – Due dates
Filing date for current tax year - June 1, 2020
Payment date for current tax year - September 1, 2020
Self-employed and their spouse or common-law partner – Due dates
Filing date for current tax year - June 15, 2020
Payment date for current tax year - September 1, 2020
Individuals – Due dates
Filing date for current tax year - June 1, 2020
Payment date for current tax year - September 1, 2020
The Canada Emergency Wage Subsidy (CEWS) provides a 75% wage subsidy to eligible employers. If you need assistance applying, please contact us for a consultation.
Eligibility:
Canadian Business - Taxable Corporation, Sole Proprietor, Partnership, Charity, or Not for Profit
Public Bodies are not eligible
To qualify, you must demonstrate that your revenues in March fell by 15%, and April and May revenues have dropped by at least 30% as a result of COVID-19
The period of revenue comparison is either over the same period last year or vs.
Canadian Emergency Response Benefit (CERB) If you have stopped working because of COVID-19, CERB may provide you with temporary income support. If you need assistance applying, please contact us for a consultation.
This is a $2000/month taxable benefit for up to 16 weeks between March 15 and October 3, 2020, for workers who lose their income as a result of COVID-19
Availability:
Applications will are now live and the program can be accessed
Funds expected to be direct deposited into bank accounts within 3 -5 business days, or 10 business days if no direct deposit
Payment to be made every 4 weeks
For those individuals who have no income as a result of COVID-19
Available to those individuals who have no income because:
Lost their job
Are sick/quarantined or taking care of someone who is sick
Working parents that must stay home without pay because of children who are sick, or because of school/daycare closures
Others who may not otherwise be eligible for EI, but have lost their income
These benefits will be TAXABLE, so expect a slip for the income to be claimed on your 2020 tax return.
Answer: Every client’s needs are unique and accordingly our advice needs to be tailored and customized to your circumstances.
To guide you in making this decision, please visit https://www.positiveaccounting.ca/accounting/incorporation/
Answer: Wait until you receive your notice of assessment before asking for changes to your return. Upon request, we can file a T1 Adjustment on your behalf to amend specific lines on your personal tax return.
Answer: It is CRA’s goal to issue a notice of assessment, including any applicable refund, within:
two weeks of receiving your electronically filed return; or
eight weeks of receiving your paper filed return.
These timelines are only valid for returns received on or before their filing due dates.
Answer: Slips are prepared by your employer, payer, or administrator. You should have received most of your slips and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March.
Answer: The deadline for contributing to an RRSP is March, 1.
Answer: If you own/hold foreign property with a cost of more than $100,000, we need to file a Foreign Income Verification Form (T1135) on your behalf. This form can be quite complex, but luckily Positive Accounting is here to help.
Answer: Unfortunately, there are some shady individuals requesting your personal information. DO NOT divulge your personal details and DO NOT make any payments without substantiating all the facts.
Please see the CRA article below for more information: https://www.
