Hi again, and welcome to a new tax season – again, looking a little different than usual.

Changes to this year’s tax prep

Tax returns have come to BC residents’ minds recently, with many of us digging up our tax files to look for line 23600 of our 2019 Notices of Assessment in order to apply for the BC Recovery Benefit! If you need help with this, shoot me an email or give me a call.
And, thinking ahead to this year’s tax prep season, our 2020 returns may look quite different:
 T4s will report employment income for defined dates, which are meant to correspond to Covid-19 benefit dates.
 CERB, CESB, CRB are taxable. T4As will be issued for any benefits received.
 CRA has introduced a temporary simplified method of claiming home office expenses for those of us who were required to work from home due to Covid-19.

Important CRA dates

MONDAY, FEBRUARY 22: Canada Revenue Agency opens for E-filing returns. We can prepare your return before then so it’s ready to go as soon as possible!
MONDAY, MARCH 1: RRSP Contribution Deadline. Consider preparing a pro-forma return to optimize the best RRSP purchase for you. This may be a consideration for taxpayers who received CERB/CESB/CRB payments during 2020 and want to reduce potential tax payable.
FRIDAY, APRIL 30: Tax Filing Deadline. There is no indication that this will be delayed this year.

How can we be in contact this year?

CRA has extended provisions for e-signatures, enabling complete remote tax return preparation. This works quite well, and to make it more personal we will be available for meetings over Zoom, if you are comfortable with that platform. 

The initial Zoom meeting will be for information intake and then again to finalize your return. We are committed to following all COVID-19 protocols—the sooner this is over, the better! 

If you have questions about any of the above or would like our assistance, do not hesitate to call or shoot us an email!