- As of Today’s Date the Deadline to File Your Taxes is April 30th:
Yes, last year Canada Revenue Agency (“CRA”) extended the deadline to file your 2019 taxes to September 2020. Do not assume there will be an extension again this year to file your 2020 taxes. To avoid paying penalties, make sure all your government returns are filed on time. If you will owe money, penalties and interest can add up quickly. If you will owe money but file your returns on time, you will at least avoid the late filing penalties.
- Collect All Your Information:
So much of the information we receive these days is online. And more tax information is also being sent electronically or is only available online. Review your information. Make sure you have the actual slips or have access to the actual slips for all your income, from all sources. Do not assume that CRA will be nice and “fix” or “add” your missing slips. This becomes extra important if something is needed to reduce your taxable income and thus reduce the amount of tax you are required to pay. As a small business owner or entrepreneur/self employed person make sure you remember to file those HST returns and any other required government returns.
- Tax Return Preparation:
Do you do your own taxes? Do you have a family member, or third party do your taxes? Make sure the person will complete your returns on time. Make sure you have the opportunity to review your returns before they are filed. This might be a good time to learn more about how your tax returns are prepared so that you can ensure that all the information has been included. This becomes especially important if your tax preparer is someone who does not know your personal situation.
- Get professional help:
The internet is a great place to find out information, but it is always best to confirm or request help from confirmed sources:
CRA’s website is huge and helpful but with COVID benefits paid out during 2020, this website gives great information about filing your taxes:
https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/impact-taxes.html
If you find yourself in tax debt, contact the experts at Goldhar Consulting & Tax Solutions at 1 877 TAX AID1 – 1 877 (829-2431)
If preparation of your tax return results in a tax debt and/or other debt that you can no longer manage, contact Goldhar & Associates Ltd. at 1 855 541 5114 to find out the best option to solve that problem: https://goldhartaxsolutions.ca/