The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

There are three important income support programs for post-secondary students in Canada today, but sorting them all out could be problematic, especially at tax filing time. Last week, two new measures were introduced: the Canada Emergency Student Benefit and the Canada Student Service Grant.  The third is of course, the Canada Emergency Response Benefit (CERB), which is linked to the Canada Emergency Wage Subsidy (CEWS), which over 10,000 businesses applied for on Monday.  

Notice of Assessments received by many Canadians who have filed their 2019 individual tax returns indicate an incorrect payment date of April 30, 2020. However, the extended deadline of September 1 to pay any balances due does still apply.

We’re excited to announce that Part 1 of the Emergency Pandemic Relief Course went live on Thursday, April 23. Part 2 takes place on May 13 at 9:30 EST. Check out the speaker roster below. The deadline for registration is May 11, but don’t wait. Canada’s only Emergency Pandemic Response Benefits Course and Virtual CE Summit is available now, packed with the information you need to help your clients access income and business recovery support.

Knowledge Bureau is pleased to announce that Advisor’s Edge and Investment Executive will be joining us at DAC Acuity 2020 once again as the exclusive media sponsor for the conference. This year’s event takes place in Niagara Falls, October 28-30.

If you appreciate the information in this special edition of KBR, you definitely don’t want to miss taking the New Emergency Pandemic Response Benefits Course, available as part of a new national online event being held on May 13. Featured as pre-work for the Virtual CE Summit, it’s the perfect way to become certified in providing counsel on the COVID-19 emergency provisions and other financial matters related to the pandemic.  Your sound advice will impact critical tax and financial planning in the months and years to come.

On April 16, 2020 the federal government announced that the payroll threshold for businesses qualifying for the Canada Emergency Benefit Account (CEBA) has been reduced from $50,000 to $20,000 and increased at the upper end  from $1 million to $1.5 million. Additional commercial rent relief measures to help SMEs will be introduced soon. Here are the details you need to know: