Suzy Gagnon Bookkeeping & Taxes

The 2019 tax payment deadline is this week. If your clients are unable to pay in full by September 30th, they could be eligible for a payment arrangement: http://ow.ly/8s1750BtTaQ

Don’t forget to get your taxes done ASAP.

Update July 27, 2020: On July 27, 2020, the Canada Revenue Agency (CRA) announced that the September 1, 2020, deadline to pay the tax balance was postponed to September 30, 2020. No late-filing penalty or interest will be charged if the income tax return is filed and the tax balance is paid on that date. The September 30 deadline also applies to the June 15 and September 15, 2020, instalment payments. In addition, the CRA indicated that it would cancel the interest on amounts owing with regard to existing tax debts related to personal income tax returns from April 1, 2020, to September 30, 2020.

Tax filing and payment deadlines for 2019: The deadline for individuals to file has been extended to June 1, 2020, and the deadline to pay any amounts owed has been extended to September 1, 2020. Note: some taxpayers may have received a Notice of Assessment that says the deadline for payment is April 30, 2020, which is incorrect.

Individuals who receive the Canada child benefit will automatically get up to $300 more per child on their regular May 20, 2020 payment. For more information: http://ow.ly/94gP50zljy8

Post-secondary students the Government of Canada is introducing a 4-month Canada Emergency Student Benefit #CESB! If you don’t qualify for #CERB, you could re...ceive $1,250 per month between May and August 2020 . Students with disabilities and students with dependents could receive an additional $500 per month or $1,750. Find out more here: https://bit.ly/3eKVFMK

QUESTION I made a mistake and applied for both EI and CERB, and have received 2 payments of $2,000. What should I do? ANSWER If you applied for both the S...ervice Canada and the Canada Revenue Agency delivered payments, you may have received two separate payments of $2000, which is not permitted. If this is the case, don’t worry, Service Canada and the CRA are working together to reconcile these payments and you’ll be proactively contacted by letter with details on how to repay this amount. You don’t need to call us.

CRA answers your top questions...

The Individual enquiries line will be open on Good Friday and Easter Monday from 9 AM to 5 PM local time to provide assistance about the CERB. Please note that they will be closed this Saturday and Sunday. http://ow.ly/SFcV50zas7c

Are you wondering why you have an extra GST/HST credit payment coming your way on April 9th? This one-time GST/HST credit payment is part of the Government of Canada’s response to the COVID-19 pandemic. http://ow.ly/yBhS50z3jOI

Penalty & interest relief for taxpayers.

Business owners & your GST remittance...

NEW DUE DATES FOR INCOME TAXES: For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.

Some of the things our Canadian government is doing for us: Flexibility for Taxpayers In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expec...t to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined. For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020. The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. https://www.canada.ca//departm/economic-response-plan.html

Don't forget to buy your RRSP's before Mar 2, 2020. Here is some information:-)