This Month’s Poll
The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?Cyber Attack Residue: Taxpayers Still Struggle with CRA Services
Taxpayers who are filing 2020 tax returns and need to report a move to a new address will have a new hurdle to overcome in changing their address with the CRA. This is due to the cyber security incidents dating back to August of 2020.
Tax Filing 2021 Poll: Stick to the Deadlines
Close to 7 million people have already filed their returns and so far it looks like this tax season should be business as usual. Right now, the average tax refund is $1,825, the average amount due is $3,196, and when it comes to meeting tax deadlines, there is no indication that tax filing deadlines will be extended. In our March opinion poll, tax and financial pros agree with this, particularly when it comes to instalment payments. Specifically, 60% of poll respondents feel that further postponement of taxes due would not be appropriate. Here are two noteworthy comments:
Mark Your Tax Calendar: Important April Tax Milestones
April is a month full tax milestones with the pinnacle being the April 30 tax filing deadline for individuals. Note that for businesses, the final application deadline for Canada Emergency Business Accounts (CEBA) loan ended March 31. Here’s a handy tax milestones calendar from Knowledge Bureau for the month of April, excerpted from the Knowledge Bureau Advanced Tax Update Course.
New OAS Benefits and How They are Calculated
Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits are indexed quarterly, but the formula for OAS increases is based on increases to the Consumer Price Index. When the CPI drops, OAS payments remain constant for the subsequent quarter, as they did in the first three quarters of 2020.
Missing on Task Force: Female Entrepreneurs
The government has recently appointed a new Task Force on Women in the Economy. However, what’s missing among the 18 educated and highly qualified women on the board* is representation from the many women who, through self-employment and independent business ownership, contribute so much to growth in our economy. That’s a big miss. Here is why that is important:
At the Height of Tax Season: April 19 is Federal Budget Day
The timing could be better. The federal government has chosen April 19, 2021 as the date for their first federal budget in two years, in the midst of a third wave of a trying pandemic. This could also well be the busiest week of tax season for taxpayers and their advisors. Yet, the important roadmap to economic recovery and the tax changes to pay for it will likely be set forth. Join us for a special Knowlege Bureau Report after the budget day.
