Nima Akhbari CPA, CA

Filing Due Date for Individuals When your personal T1 General Tax Return is not filed on time, you will be charged late filing penalties and interest on any amo...unts owed to CRA. Individuals and most business owners must file their income tax returns by April 30 of the year following the tax year for which the return is being filed. If you are self-employed, however, the CRA extends the filing deadline to June 15 of the year following the tax year for which the return is being filed. This means you are not liable for the late-filing penalty, but CRA will begin assessing interest on any unpaid amounts owing for the tax year starting May 1st. If the due date falls on a holiday or a weekend, the deadline moves to midnight of the following business day. Additionally, if you want to file early, the CRA opens its NETFILE service to electronically receive submitted returns in February each year. Instalment Payments Due Dates If you make instalment payments on your income tax, your payments are due four times throughout the year on the 15th of March, June, September, and December. Deadlines for Deceased Tax Filers Once a person has passed away, the appointed legal representative must submit the individual’s final tax return. If the individual passed away between Jan. 1 and Oct. 31 of the previous tax year, the final return is due on April 30. If an individual passes away between Nov. 1 and Dec. 31, the return is due six months after the date of death. For example, if you are filing a return for your deceased mother who passed away on Nov. 15, her final return is due on May 15. If the deceased person or their spouse or common-law partner was self-employed, the due date is June 15. However, again, the CRA begins assessing interest on any balances owed on April 30.

COVID-19 benefit reporting - corporations or self-employed - Canada Emergency Wage Subsidy (CEWS): - April 11, 2020 to March 13, 2021. - Extended to June 2021 - Subsidy Covers part of employee wages for employers experiencing decline in revenue.... - Per ITA 125.7(3): Taxable to employer in the tax year. #tax #covid See more

COVID-19 benefit reporting - corporations or self-employed - Temporary Wage subsidy (TWS): - Mar 18, 2020 to Jun 19, 2020 - Reduce payroll remittances by 10% of remuneration paid to employees. - Up to $1375 for each eligible employee, Max $25k/ per employer... - Taxable to employer - Required to file PD27 to inform the CRA #covid #payroll See more

Covid-19 Benefit reporting - individuals (Continued) - Canada Recovery Caregiving Benefit (CRCB): - Sep 27, 2020 - Sep 25, 2021 - Those individuals who can not work due to caring for child or a family member (Covid-19) related. - 10% tax withhold at source and T4A is issued for the year received.

Covid-19 Benefit reporting - individuals (Continued) - Canada Recovery Sickness Benefit (CRSB): -Sep 27, 2020 - Sep 25, 2021. - Individuals who unable to work due to Covid-19 or self-isolating. - 10% tax withhold at source and T4A is issued for respective year.