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?

There is no doubt about it:  the tax filing deadline this year (at least per the government so far) will be Friday, April 30, 2021.  That’s important because we expect more people to have to pay due to the receipt of pandemic relief payments like CERB.  For many people who usually receive a refund, paying electronically may be a new and unfamiliar process, and professionals need to take the time to explain the options.

Over the years, CRA’s EFILE service has significantly evolved.   But even if you were first in line to file this week, refunds won’t arrive until March. There is a lot of money at stake: last year close to 20 million filers waited to receive an  average tax refund of $1,850 and only 25% or just under 5 million chose to get it by cheque.  EFILE can definitely help to speed things up.  

It’s a new era in electronic filing.  Yesterday the CRA released new information about how to file 2020 tax returns using electronic signatures, a new Form T183 and date stamps.  The timing was interesting. Recall, just last week CRA locked over 100,000 taxfilers out of their online accounts because it detected security breaches. Here’s what you have to know about new digital filing and security defence strategies.

The “gig economy” is on the rise, it is estimated that close to 45% of the workforce in North America is now self-employed and more specifically, 40% of Millennials in Canada.  A new course from Knowledge Bureau is providing tax and bookkeeping practitioners with the critical skills to help these new “solopreneurs” in multiple sectors:  builders, retail outlets, importers/exporters and a variety of agricultural ventures as well as non-profits.    

Are you a regular, raving fan and attendee of the CE Summits? Now is the right time to RSVP and secure your spot at the lowest tuition fees.  Act by March 1 and save over $230 on the next four events.  Coming up next:  the annual Post-Budget Overview and its effect on Retirement & Estate Planning.   Here’s a look at the speaker lineup:

Have you completed the pre-budget consultations questionnaire the Finance Department has posted?  The government wants your feedback, but are the questions posed relevant?  Notably absent are personal and business tax topics, and the opportunity to provide your thoughts on the effect of long-term debt on the future value of Canadians’ retirement savings.  Perhaps most puzzling is the lack of vision for the future of the world of work and specifically, the role of small businesses in the economic recovery. Contributing to the conversation is, however,  important to bring your “feet-on-the-street” perspective.