Lenora Timmons CPA CGA
1086 Cheticamp Back Rd B0E 1H0 Chéticamp, NS, Canada

https://www.cbc.ca//rbc-customer-out-of-pocket-after-e-tra Be careful sending e-transfers. After reading this article by the CBC, I no longer believe they’re as safe as I once thought!

Follow link below re: CRA interest rates on overdue taxes now at 6%. https://www.canada.ca//interest-rates-for-the-second-calen

Scanned the 2019-2020 Federal Budget, and the 5 most relevant items I noted are: 1) The federal corporate tax rate for active small businesses will decrease to 9% (from 10%) 2) The general federal corporate tax rate remains unchanged 3) Federal personal tax rates remain unchanged 4) First-time Home Buyers' Plan provides for an RRSP withdrawal rate increase to $35,000 (from $25,000)... 5) Change-of-use rules for "multi-unit-residential" properties re: deemed disposition rules will no longer apply effective March 19, 2019 See more

For those using accounting software to prepare payroll, don't forget to change personal tax credits on each employee's profile. This applies to any amount that is paid on or after January 1, 2019. Federal amount for an employee claiming single is $12,069 (follow link below for form): https://www.canada.ca///formspubs/pbg/td1/td1-fill-19e.pdf Nova Scotia amount for an employee claiming single is $11,481 if their annual income is < $25K, or $8,481 if their annual income is... > $75K (for annual income between $25K and $75k, follow link below for worksheet): https://www.canada.ca//form/pbg/td1-ws/td1-ws-fill-19e.pdf

Parental EI benefits will be changing from 35 weeks to 40 weeks (Maternity benefits remain at 17 weeks). The extra 5 weeks will be a new five-week parental sharing benefit) to start in March 2019)!

Working while on an EI claim: the dollar-for-dollar clawback rule no longer applies. The 50 cents for every dollar earned rule became a permanent part of the EI program. Follow the following link for more information: https://www.canada.ca//programs/ei-list/ei/working-while-c

CRA does not do e-transfers. If you get an email stating that CRA has sent you an e-transfer refund, the email is a scam. Do not click on any links or attachments on emails of that nature.

Warning: CRA does not do e-transfers. Be careful of email scams.

Temporary measure immediately enabling electronic signatures for the T183, Information Return for Electronic Filing of an Individual's Income Tax and Benefit Return, and the T183CORP, Information Return for Corporations Filing Electronically If an individual or a corporate taxpayer wishes to file their income tax return through an electronic filer, they must authorize the electronic filer to do so by completing a T183, Information Return for Electronic Filing of an Individual...'s Income Tax and Benefit Return, or a T183CORP, Information Return for Corporations Filing Electronically. The Canada Revenue Agency (CRA) is committed to improving and enhancing the services it offers to Canadians, including digital services, and is continuously striving to ease the burden imposed upon taxpayers and tax preparers when filing income tax returns. From March 18, 2020 to August 31, 2020, to meet the evolving expectations of taxpayers and electronic filers during this difficult time, and to reduce administrative burden, the CRA will recognize a Form T183 or T183CORP that contains an electronic signature as having met the signature requirements of the Income Tax Act as a temporary administrative measure. An electronic signature would provide taxpayers and their representatives with further options to have these information returns signed. Electronic filers are already responsible for verifying the identity of the taxpayer, both to protect their own interests and the integrity of the tax system. This will not change. In order for the CRA to accept an electronic signature from a taxpayer whose identity has been verified by the filer, the electronic signature will generally need to be provided in one of the following ways: i. It may be provided if the taxpayer sends the information return, including the electronic signature using the electronic address most recently provided by the taxpayer to the electronic filer; ii. It may be provided in person by the taxpayer, in the presence of the electronic filer. e.g. using a stylus or finger on a tablet; or iii. It may be provided through an access controlled, secured electronic location such as a secure website, that is accessible to the taxpayer only because the location of the secure website has been made known to the taxpayer and access has been granted by the filer. The number of tax returns filed electronically by tax preparers continues to grow and industry stakeholders have been requesting this change, especially now with the recent rise in COVID 19 cases in Canada. The proposed change is expected to better meet the needs of this population, and will reduce an unintended burden that the current signature requirement imposes on some individuals. These provisions will be in place until August 31, 2020. The CRA will continue to pursue regulatory requirements to implement these measures permanently.

Filing Season Deadline Extensions 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 expect to receive benefits under the GSTC or the Canad...a 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.

For clients who need to send me files, you can go to my website www.allaccountingneeds.com and click on the e-courier.ca logo. By clicking on the logo, you can take a picture of slips and receipts with your phone, and they will be sent directly to me in an encrypted file.

Payroll 2020 tax credits: Federal = 12,298 for basic personal amount Nova Scotia = 11,481 if annual income is $25K or less; if greater than $25K, use the TD1NS-WS at https://www.canada.ca//td1-forms-pay-receive/td1ns-ws.html

If you receive an email that has the subject line: Security Notice. Someone have access to your system. IGNORE THE EMAIL, DELETE THE EMAIL. I researched this and it's a scam. Do not pay any ransom demanded. If you believe that you may have accidentally clicked on a link, run a scan on your computer with a trusted antivirus program (such as Windows Defender) and follow the on screen instructions.