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.

The CERB auditing has begun. Unfortunately, with a bit of “gotcha” scenario. The CRA is starting to crack down on those who are “misusing” the federal Canadian Emergency Response Benefits by introducing a tip line to report fraudsters.  It’s too bad that the CRA has not given the repayment option portals the same fanfare. Tax and financial advisors can help, though.

The official extended June 1 tax filing deadline has past, but of course there is an unofficial deadline of September 1 still ahead. No late filing penalties or interest will be charged for those who file by then, so it’s not surprising that T1 tax filing season isn’t truly over yet.  In fact, 30% of all T1 returns filed last year are still missing in action.

As part of the emergency pandemic assistance programs, a new benefit was introduced for seniors – for some, but not all. Those receiving OAS will receive a $300 one-time payment, and those receiving GIS will receive an additional $200. But do those who chose to postpone their benefits qualify too?

I had the opportunity to coach one of our Knowledge Bureau instructors this past weekend as she prepared to provide a basic tax and financial literacy lesson to a group of young people. The issue we spent the most time discussing: how to convey and discuss the importance of financial wellness and why that matters especially in these times? The answer required only one word.

Have governments effectively interpreted the financial effect of the pandemic on small businesses across Canada?  It’s a question we asked you last month and we got well over 1000 responses. The answer was a resounding no from 96% of you.  Here is what you told us...

Who needs to file a 2019 T1 return and when? It’s a question Canadians and their advisors continue to struggle with, as filing deadlines become an ever-moving target. Last Friday (May 22), CRA changed their website to announce they will not charge a late filing penalty as long as the extended June 1 filing deadline is met by September 1. So why file now? Here are some key reasons: