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2020 Tax Slips

T4, T4A, T4(OAS) T5, T2202, RC62 tax slips

All of these slips are prepared by your employer, payer, or administrator. You should have received most of these your slips by the end of February. For more information on CRA tax slips

RL-1, RL-2, RL-3, RL-8 Quebec tax slips

All of these slips are prepared by your employer, payer, or administrator. You should have received most of these your slips by the end of February. For more information on Quebec tax slips

T3/RL-6 and T5013 tax slips

These slips are prepared by your financial institution, payer, or administrator. You should have received most of these your slips by the end of March.

If you don’t expect to get a tax slip

To get your OAS, EI or CCB slips, sign in to Service Canada.

If you don’t expect to get a tax slip. You have 2 CRA options

Expert Fiscaliste 2020 Individual Tax Return Checklist

1099 – US tax forms

These forms slips by your US financial institution, payer, or administrator. You should have received most of these your slips by February 1.

About Expert Fiscaliste

Save Your Tax
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.

2019 – Last day to transmit T1 returns

Attention: Last day to transmit T1 returns and T1 Form T1135

The CRA’s EFILE, ReFILE and T1135 web services will stop accepting transmissions of your initial and amended (T1) personal income tax and benefit returns and T1135 forms for T1 at 11:00 p.m. on Friday, January 22, 2021 (Eastern Time), in order to convert their systems to prepare for the next filing season. These services will re-open on Monday, February 22, 2021, at 8:30 a.m. (Eastern Time).

Please ensure you transmit any initial or amended T1 returns and T1135 forms for T1 before January 22, 2021, to avoid having to wait until the new program starts.

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2018 Tax Calendar
Call Expert Fiscaliste at 514-954-9031

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.

Employment Insurance premium rates for 2021 announced

December 9, 2020

The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program.

For 2021, the EI premium rate will be 1.58% and maximum annual insurable earnings will be $56,300. The maximum annual premium will be $889.54 for an employee and $1,245.36 for an employer.

A listing of EI rates and amounts for 2021 and previous years can be found at https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/employment-insurance-ei/ei-premium-rates-maximums.html.

About Expert Fiscaliste

Contact Expert Fiscaliste

2018 Tax Calendar
Call Expert Fiscaliste at 514-954-9031

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.

2020 Individual Tax Document Checklist

Collect your tax information

2020 Tax Document Checklist

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. 

About Expert Fiscaliste

Save Your Tax
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.

Let Us Prepare Your 2020 Personal Taxes

Our Services: Tax Preparation

http://www.expert-fiscaliste.org/wp-content/uploads/2020/12/2020-Let-us-Prepare-your-Tax-Returns.pdf

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

Save Your Tax
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.

Fall Economic Statement 2020—Income Tax Measures

Simplifying the Home Office Expense Deduction for Employees

Tax Preparation
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

Save Your Tax
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.

CRA Meals September 3, 2020

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.

More more information…

About Expert Fiscaliste

Save Your Tax
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.

CRA extension September 30, 2020

News Releases Date: 2020-07-27

Quebec RL-31

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

Save Your Tax
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.

2020 Deferral Ends for GST/HST Payments and Returns

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.

For additional information, see the CRA‘s FAQ, Deferral of GST/HST Tax Remittances: CRA and COVID-19.

About Expert Fiscaliste

Save Your Tax
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.

2019 T1 Return Penalties – update

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

Save Your Tax
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.

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