Spring is coming and so are many tax deadlines. For some this is really exciting - for most not so exciting. For most of you, hopefully the below will serve as a reminder of when key deadlines that apply to you are.
2020 Personal Income Taxes
For our personal tax customers, our tax team has started preparing and sending pre-season tax checklists so watch for yours via your confidential portal or by email in the next few days. We need your information on or before Friday, April 16, 2021 as the filing deadline is April 30, 2021.
2020 Home Office Expenses
As a temporary measure, employees who worked from home for more than 50% of the time for a period of at least four consecutive weeks in 2020 due to the COVID-19 pandemic can claim $2 for each day worked from home to a maximum claim of $400. You also have the option to collate all your receipts and make a detail receipt supported claim that is accompanied by a T2200 form signed by your employer.
Self Employed and their spouses
Tax returns for those who are self-employed and their spouses must be filed by June 15, 2021.For those we file returns for we need your information on or before Monday May 31, 2021.
Taxes owing from 2020 tax returns
Taxes owing from 2020 are required to be paid by April 30, 2021. Interest relief is automatically available until April 30, 2022 on taxes owed for 2020 if: (a) taxable income was less than $75,000, (b) you received a COVID-19 benefit such as CERB, CESB, CRB, CRCB, CRSB, EI benefits, or similar provincial emergency benefits and (c) you filed your 2020 income tax and benefit return.
Feel free to contact us with any questions
Greg Libbrecht and the team at Platinum Business Services