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.

Recently, Canadians who received CERB in 2020 have been receiving letters from the Canada Revenue Agency (CRA), requesting further information to support their eligibility for CERB.  It’s important to know that taxpayers have the right to appeal if they receive a reassessment with respect to repaying the Canada Emergency Response Benefit (CERB).

Now is the time train new and returning employees for the upcoming tax season...did you know your training costs qualify for grants and funding? That includes those incurred through a Knowledge Bureau education.There are both granting and funding options available when you need to train staff in a hurry based on where you live.  Here are the details.

The investors of the Crocus Fund will be receiving a final settlement in 2022.  Specifically, the payment will be 36 cents per share, and it will be made after September 30, 2022.  While most people will have held these shares in their RRSP account and will have no tax consequences, the disposition of these investments in non-registered accounts will need to be reported.

The Liberal government has proposed that the CPP survivors’ benefit be raised by 25%.  It’s an important step in the right direction, but it may not be enough to fairly represent the lost contributions from a lifetime of mandatory contributions by a deceased spouse.  This requires review and here’s why:

According to a recent ISPOS survey on behalf of the Institute of Actuaries, 23% of working Canadians say that the pandemic will change the timeline of their planned retirement. They feel they’ll need to work longer to earn enough to retirement, and yet, still only 52% of working Canadians think they’ll be able to live comfortably once they do retire. What needs to be considered in retirement planning to address the new demands of the pandemic, along the increasing life expectancy in Canada, and the increase in workers age 65+ in the workforce?

Although the government has yet to announce the prescribed interest rates for the second quarter, the rate will not change.