Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

Our Valentine’s Day Special is a seasonal tax training package, at a price you’ll love. Take any 3 suggested courses for $1,995 - save 25%. This is a great opportunity for business owners looking to increase revenues this tax season, or for people looking to earn extra income. Visit the Virtual Registrar to enrol by the February 28 deadline, and check out our suggested training options for individuals and firms.

According to a recent survey, more than 56% of Canadians do not plan to contribute to an RRSP this year and an additional 12% are unsure if they will.  That potentially means that more than two thirds of Canadians could be at risk of overpaying their taxes or worse, having important social benefits clawed back in this second year of the pandemic. Tax and financial advisors can help by preparing “what if scenarios” before the March 1 contribution deadline.

Tired of long hours on hold with CRA? There’s good news, CRA has extended call center hours and call back services.  While CRA is advising people to go to their website before calling, they’ve also contracted with a third party to help with general questions about pandemic supports. Will these changes help improve service standards for tax season?

The next three months of 2021 are chocked full of important tax filing milestones.  Be sure you help your clients mark their tax calendars and schedule a virtual or phone meeting with you.  Here’s a handy tax milestones calendar from Knowledge Bureau.

Given the financial stress people are under during the second wave, should governments suspend audit activities and waive penalties and interest in 2021”? That was last month’s poll question and an overwhelming 75% said yes. However, of those who said no, there were some strong words of disapproval:

In our 18th year, we are excited to officially welcome you to pre-registration opportunities to Knowledge Bureau’s annual strategic educational conference for professionals in the tax, accounting, bookkeeping, and financial services.