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It’s that time of year again! With deadlines closely looming, we want to remind you of important dates to note to ensure a smooth and efficient tax season. You’ll also find checklists and forms to download that may apply to you this tax season. Please send any applicable documents to your advisor directly, along with your other personal tax information.
April 12, 2021
Please submit all required information to us so we can complete your personal income tax return prior to the April 30 deadline. Information provided electronically will mitigate scanning fees.
April 30, 2021
Unless you are a sole proprietor (see June 15 deadline information), your personal income tax return filing is due. Note: all taxpayers (including sole proprietors) must pay their 2020 personal income taxes by this date to avoid interest charges.
June 15, 2021
If you are a sole proprietor, your personal income tax return filing is due.
Please refer to our fillable personal income tax return checklist to assist you in gathering the required information for your personal income tax return. We strongly encourage you to provide your information to us only when you have gathered most–if not all–of it, where possible.
Remember, if you received any late or amended tax slips, it’s important you provide us with a copy as soon as possible to avoid exposure to significant penalties.
Use the CRA online calculator to determine how much you can claim. There are two methods. We recommend trying both and letting us know what your total claim amount is.
1. The temporary flat rate method is easy to calculate ($2/day up to a maximum of $400) and requires no supporting documentation. If you own your home, this method may result in a better claim than the detailed method.
2. The detailed method requires supporting documentation as well as Form T2200S from the employer. If you rent your home, this method may result in a better claim than the flat rate method.
It’s a requirement to report foreign property held at any time in 2020 with a total cost of more than CAN$100,000. If you held foreign property during the year with a total cost of more than CAN$100,000, review and complete the Foreign Reporting Form so we can prepare the T1135 Foreign Income Verification Statement Form.
It’s a requirement to report the sale of your principal residence on your personal income tax return. If you sold or changed the use of (rental to personal use or vice versa) residential real estate (including your home) during 2020, it is important that you notify us and complete Schedule 6 on the Personal Income Tax Checklist.
In an effort to reduce our carbon footprint, we encourage all clients to fill out the above forms online and send back the information electronically. We look forward to working with you this year and will be in contact during the preparation of your personal income tax return.