See Expert Fiscaliste Tax Check List for the tax information required and send this information to us via one of the (5) options below. If you are not sure on the information required – just contact our office and we will be happy to assist you.
Let Us Prepare Your 2020 Personal Taxes. We offer convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, U.S returns, corporations, and more. We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed.
Just follow these simple steps:
1. Collect your tax information
See our Tax Check List for the tax information required and send this information via one of the (5) options below. If you are not sure on the information required – just contact our office and we will be happy to assist you.
Please send in all copies of your receipts, do not detach slips or use staples. We will electronically scan your tax information and return all tax receipts and information to you.
2. We will calculate your taxes
3. Your final review, signature, and closing of the taxation year
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
Simplifying the Home Office Expense Deduction for Employees
Call 514-954-9031
The federal government promises to simplify the process of claiming a deduction for home office expenses for employees. The CRA will allow employees who worked from home in 2020 due to COVID-19 to claim expenses of up to $400. This will be based on the amount of time working from home, without the need to track detailed expenses. CRA will generally not request that employees provide a signed form from their employers.
Taxing Unproductive Use of Canadian Housing by Foreign Non-Resident Owners
The government plans to target speculative demand for housing from foreign, non-resident investors. The government intends to take steps over the coming year to implement a national, tax-based measure targeting the unproductive use of domestic housing that is owned by non-resident, non-Canadians, which removes these assets from the domestic housing supply.
Canada Child Benefit
To provide immediate support for families with young children, the government proposes to boost the Canada Child Benefit (“CCB”) in 2021. This will provide an additional four CCB payments:
$300 per child under the age of six to families entitled to the CCB with family net income equal to or less than $120,000, and
$150 per child under the age of six to families entitled to the CCB with family net income above $120,000.
RDSPs—Cessation of Eligibility for the Disability Tax Credit
Budget 2019 proposed changes to the Registered Disability Savings Plan (“RDSP”) regime for beneficiaries with episodic disabilities. These proposed changes include removing the time limitation on the period for which an RDSP may remain open after a beneficiary becomes ineligible for the disability tax credit (“DTC”) and further, modifying repayment obligations. Budget 2019 proposed that these changes would apply as of January 1, 2021. It also proposed that until the coming-into-force date of the measure, RDSP issuers would not be required to close an RDSP solely because the beneficiary is no longer eligible for the DTC.
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
Today, the Honourable Marc Garneau, Minister of Transport, on behalf of the Honourable Diane Lebouthillier, Minister of National Revenue, announced that the Canada Revenue Agency (CRA) has increased the amount that employers can use to determine whether an overtime meal or allowance, or the meal portion of a travel allowance is taxable, from $17 to $23. The CRA has also increased the rate at which transport employees and other individuals can claim meal expenses, using the simplified method (a flat rate per person), from $17 to $23 per meal. These increases are effective immediately and retroactive to January 1, 2020.
The Canada Revenue Agency announces an extension to the payment deadline and offers interest relief on outstanding tax debts during the COVID-19 pandemicCRA: The Canada Revenue Agency announces an extension to the payment deadline and offers interest relief on outstanding tax debts during the COVID-19 pandemic, released July 27, 2020 (News Release). The CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020.
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your 2019 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
On June 29, 2020, the CRA confirmed that it will not extend the relief that was originally announced on March 27, 2020. This relief allowed all businesses to defer, until June 30, 2020, any GST/HST payments or remittances that became owing on or after March 27, 2020, and before July 2020. Also, though the deadline to file a GST/HST return was never deferred, the CRA promised to not impose penalties where a return is filed late provided that it is filed by June 30, 2020.
Therefore, businesses must make their payments and remittances and file their returns by June 30, 2020. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020.
Businesses that continue to have difficulty in making a GST/HST remittance or payment or filing a GST/HST return can contact the CRA to request a cancellation or waiver of penalties and interest, and/or for a flexible payment arrangement.
T1 Returns Filed Before September 1st Exempt From Late-Filing Penalties
2019 T1 Return
The CRA has effectively deferred the due date to file a personal tax return by another three months. Previously, the CRA extended the deadline for most individuals (other than self-employed) to file their 2019 return to June 1, 2020. The deadline for a self-employed individual, their spouse, or their common-law partner continues to be June 15, 2020. In either case, the deadline to pay amounts owed was extended to September 1, 2020, so interest and penalties would not be applied so long as any balance owing was paid by this date.
On May 22, 2020, the CRA further clarified that the late-filing penalty will not be applied for a return filed after the June 1, 2020 deadline as long as both the return is filed and payments are made by September 1, 2020. Without a late-filing penalty, taxpayers are free to file their returns late without consequence, provided that the return is filed and the balance owing is paid by September 1, 2020.
Does this mean that it’s good idea to file a T1 return late in June, July, or August? This might not necessarily be the case. The CRA is still seeking personal returns from individuals by June 1, 2020 in order to ensure accurate federal and provincial benefits payments. However, as a temporary remedy for late-filed returns, the government will continue to pay benefits for the July, August, and September, using the information from an individual’s 2018 return if they have not yet filed their 2019 return.
And as usual, if an individual is expecting a big refund, there is little reason to delay filing their return since filing sooner puts that refund money in their pocket sooner.
About Expert Fiscaliste
Contact Expert Fiscaliste
Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your 2019 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
Changes to filing and payment deadlines for 2019 returns
Individual Canadians are generally required to file their tax returns for the 2019 tax year on or before April 30, 2020. Self-employed Canadians (and their spouses) have until June 15, 2020 to file such returns. All individual Canadians, regardless of their filing deadline, must usually pay all taxes owed for 2019 by April 30, 2020.
However, the filing deadline for individuals who would normally have to file by April 30 has been extended to June 1, 2020. The filing deadline for self-employed individuals and their spouses remains June 15, 2020.
The new payment deadline for all individual income tax owed for the 2019 tax year has been extended and is now September 1, 2020. No interest or penalty will be assessed where payment is made on or before September 1.
While individual taxpayers now have until June 1 to file, those who receive Canada Child Benefit or the Goods and Services Tax/Harmonized Sales Tax credit (or similar credits provided by their province of residence) should consider filing as soon as possible. The benefit year for those programs starts on July 1, 2020 and both eligibility for, and the amount of any benefit payable is based on information provided in the 2019 tax return. A delay in the filing of the 2019 return could mean a delay in receiving benefits starting in July 2020. As well, regardless of when they file, taxpayers will have until September 1 to pay any tax balance owed for 2019.
Change to June 15 instalment payment deadline
Many Canadians pay their current year (i.e. 2020) income taxes quarterly, through the income tax instalment system. Such instalment payments of tax are normally made on March 15, June 15, September 15 and December 15.
The federal government has indicated that taxpayers who would normally make an instalment payment of tax on June 15 will instead have until September 1, 2020 to make that payment. No interest or penalties will be assessed where the payment is made on or before September 1.
One-time increase to GST/HST tax credit
The federal government will be providing a one-time increase to the GST/HST tax credit, which is usually paid to qualifying individuals in January, April, July and October of each year.
Those individual Canadians who are eligible for the GST/HST credit will receive a special one-time payment in early May 2020. While precise figures have not been provided, the federal government announcement indicates that the payment will be “close to” $400 per individual and $600 for couples.
Increase to Canada Child Benefit
Eligible Canadian families receive a monthly non-taxable payment of the Canada Child Benefit, with the amount of that payment based on family size and income.
The federal government has announced that, for the 2019-20 benefit year only, the amount of the Canada Child Benefit will be increased by $300 per child. There is no need to make any application, as the increased payment will be added automatically to the regular May 2020 payment, which is scheduled to take place on May 20, 2020.
Change to registered retirement income fund withdrawal requirements
Canadian taxpayers are required to collapse their registered retirement savings plans (RRSPs) by the end of the year in which they turn 71. Most Canadians convert their RRSPs into registered retirement income funds (RRIFs) and they are then required to make annual withdrawals from those RRIFs.
The amount of such annual withdrawal is, by law, a specified percentage (based on the taxpayer’s age) of the balance in the RRIF as of January 1 of the year. There has been a significant decline in the markets since the beginning of this year and, consequently, many RRIF holders will have seen a corresponding decline in the value of their investments.
So that RRIF holders are not penalized by those events (by having to liquidate investments at a loss in order to make a required withdrawal) the federal government has reduced the amount of required withdrawals, for the 2020 taxation year only. Specifically, the minimum withdrawal requirement for RRIFs for 2020 has been reduced by 25%.
It’s important to note, however, that individuals who have already withdrawn more than the reduced 2020 minimum amount will not be permitted to re-contribute to their RRIFs an amount up to the 25% proposed reduction.
Finally, the changes announced also apply to the minimum amount for individuals receiving variable benefit payments under a defined contribution registered pension plan or pooled registered pension plan. Such amounts will also be reduced by 25%, for 2020 only.
Student loan repayments suspended
As of March 30, required repayments of Canada Student Loans will be suspended for a period of 6 months, and no additional interest will accrue on unpaid amounts during that time. There is no requirement that an application be made, as the moratorium on payments during that period will be implemented automatically.
Canada Emergency Response Benefit
Canadians who have no source of income as a consequence of the pandemic may receive $2,000 per month, for a four month period, with that amount provided under under the Canada Emergency Response Benefit (CERB). The CERB is available to a broader group of Canadians than would normally be eligible for income replacement under the Employment Insurance system. Specifically, the CERB applies, in addition to wage earners, to contract workers and self-employed individuals who would not normally qualify for EI.
CERB will be available for Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures. In addition, those who are still employed but are not currently receiving any income from their employer – i.e. are laid off – can qualify.
The specific requirements for an individual to receive CERB, as set out on the federal government website, are as follows:
Residing in Canada, who are at least 15 years old;
Who have stopped working because of COVID-19 or are eligible for Employment Insurance regular or sickness benefits:
Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment income.
The federal government has indicated that applications for the CERB can be made online at https://www.canada.ca/en/services/benefits/ei/cerb-application.html as of April 6. As thousands of applications are expected, applicants are asked to apply in the following order:
on April 6, for those with dates of birth in January, February and March;
on April 7, for those with dates of birth in April, May and June;
on April 8, for those with dates of birth in July, August and September;
on April 9 for those with dates of birth in October, November and December.
Payments will be made within 3-4 days by direct deposit and within10 days if sent by mail.
Due to the exceptional circumstances with that we are currently experiencing in connection with the COVID-19, our physical office at 1000 de La Gauchetière Ouest 24e étage, Montréal QC H3B 4W5 is currently closed to clients but otherwise all electronic services and preparation of tax returns will continue.
Expert Fiscaliste is closely monitoring the situation and we will provide you with an update as soon as we have more information. We ask you to send your tax information electronically, available options are (1) our Portal, email attachments, or fax. If you are unable to do this electronically the mail system continues to work. Thank you for your understanding.
The governments updates in providing greater flexibility for Taxpayers:
Canadian due dates for filing 2019 individual tax returns has been extended to June 1, 2020. Taxpayers will have until September 1, 2020 to pay any 2019 income tax amounts owed.
Canadian businesses will have until September 1, 2020 to pay any 2019 income tax amounts owed.
Canadian governments will accept electronic signatures as a temporary measure on all documents requiring signatures
In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts.
For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.
For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020
The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
In order to reduce the necessity for taxpayers and tax preparers to meet in person during this difficult time, and to reduce administrative burden, effective immediately the Canada Revenue Agency will recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure. This provision applies to authorization forms T183 or T183CORP, which are forms that are signed in person by millions of Canadians every year to authorize tax preparers to file taxes.
The Canada Revenue Agency is adapting its Outreach Program to support individuals during COVID-19. Through this service, the Canada Revenue Agency offers help to individuals to better understand their tax obligations and to obtain the benefits and credits to which they are entitled. Traditionally available in-person, this service is now available over the phone, and through webinar, where possible.
