The CRA will be applying automatic interest relief on 2020 tax return balances until April 30th, 2022 if you meet the following criteria: Your total taxable income was $75,000 or less You received at least one of the pandemic relief benefits (CERB, CESB, CRB, EI, CRCB, CRSB) You filed your 2020 income tax If you… Read More
The You First Blog
The CRA will be applying automatic interest relief on 2020 tax return balances until April 30th, 2022 if you meet the following criteria: Your total taxable income was $75,000 or less You received at least one of the pandemic relief benefits (CERB, CESB, CRB, EI, CRCB, CRSB) You filed your 2020 income tax If you… Read More
Equity markets continue rising The Toronto S&P TSX Composite index has had a strong run over the last 2 weeks. It has posted daily gains in nine of the last 10 trading sessions and has risen 6.5% over that time and is up 5.89% year-to-date. The TSX closed Friday at an all-time high of 18,460.21…. Read More
We would like to provide you with an update on the work-from-home tax saving options available for the 2020 tax year. Those who worked from home in 2020 will have to decide whether to use the $2 a day flat-rate or detailed method. At tax time, you can use our employment expenses checklist which will… Read More
On March 31st, we posted a blog on the tax benefits of working from home. The information contained in March 31st blog still applies, but we want to make you aware of a potentially easier reporting method. The Federal Government proposed a “Simplified T2200” during their Fall Economic Statement. Under this proposal, the simplified T2200… Read More
This is yet another reminder that the interest-free payment deadline for your 2019 individual income tax returns and 2020 March/June/September instalments is Wednesday, September 30, 2020. Penalties and interest will not be charged if returns are filed and payments are made by this date. This includes the late-filing penalty. Source: Canada.ca