Wildfires: Apply for Taxpayer Relief Provisions
Canadians affected by wildfires may also be concerned about the tax consequences of lost records or missed filing deadlines. Fortunately, the CRA offers Taxpayer Relief Provisions for circumstances beyond a taxpayer’s control. These can apply in cases involving natural disasters, serious illness or death in the family, or errors made by the CRA—any of which may lead to late or incomplete tax filings and trigger penalties or interest. Here’s what you need to know.Still Delayed: Help for DTC Recipients
On June 5, the Prime Minister announced two new response benefits to help Canadians through the pandemic. But the promised Disability Tax Credit (DTC) top-up payments and help for the provinces in a “Safe-Restart” Agreement have been delayed as other parties opposed the passing of the bill. Here’s what was proposed:
Most Have Filed T1s, But New Tax Deadlines Loom
According to the most recent tax filing statistics, the majority of Canadians chose to abide by the extended June 1 tax filing deadline even though late filing penalties and interest won’t apply until September 1. But that doesn’t mean that tax season is over – there are some important filing deadlines on the horizon, and that matters because CRA is officially resuming audit activity.
CERB Extension: A Time to Invest in Yourself for An Uncertain Future
A federal fiscal update has finally been scheduled for July 8, although the government is planning only a “snapshot” of the current state of affairs, and no fiscal projections, leaving lots of questions. What will be the future repercussions of this year’s emergency relief benefits? Will taxes increase in 2021? What planning should take place today? How can the CERB be used to help?
A New Economy Demands a New Tax Services Model
The role of the tax specialist is an essential service as families must file tax returns to qualify for important social benefits amidst a devastating and stressful global event: the COVID Pandemic. Worse, stressed families face onerous self-assessment procedures for government programs like CERB and the various business loans and wage subsidies. To get the best after-tax results for these families, highly trained tax services specialists must understand investment, retirement, business and estate planning strategies. Only a Knowledge Bureau Education provides all of these elements in its online designation programs.
New Course! Personal Pension Planning
Knowledge Bureau is pleased to announce the publication of a new certificate course, Personal Pension Planning For Corporate Owner-Managers, by JP Laporte, CEO, INTEGRIS Pension Management Corp and Mark Taucar, CFA, Porfolio Manager, Accilent Capital Management Inc. It’s a must for any advisor who is working with owner-managers or professionals in this challenging pandemic environment.
Warning Tax Credit Recipients: File Your 2019 Return or Repay
In the fray of the pandemic, tax filing deadlines have come and gone, with the most recent being the June 1 personal tax filing deadline. Governments have been committed to keeping tax benefits flowing based on the 2018 return and will even waive late filing penalties and interest for failure to file. But a big reckoning is coming at midnight on September 1.
