Blogs and Posts

2021 Federal government to provide interest relief on pandemic benefit tax debt

The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individuals will not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022.

To qualify for such interest relief, which will be applied automatically by the CRA, individuals must have had a total taxable income of $75,000 or less in 2020 and have received income support in 2020 through one or more of these COVID-19 measures:

  • the Canada Emergency Response Benefit (CERB);
  • the Canada Emergency Student Benefit (CESB);
  • the Canada Recovery Benefit (CRB);
  • the Canada Recovery Caregiving Benefit (CRCB); 
  • the Canada Recovery Sickness Benefit (CRSB); 
  • Employment Insurance benefits; or 
  • similar provincial emergency benefits.

More detailed information on the interest relief program can be found on the CRA website at https://www.canada.ca/en/revenue-agency/news/2021/02/government-of-canada-announces-targeted-interest-relief-on-2020-income-tax-debt-for-low–and-middle-income-canadians.html.

About Expert Fiscaliste

Quebec RL-31

Expert Fiscaliste provides income tax preparation and consulting services to individuals, businesses, with real estate residential operations in Quebec.

If you want to take advantage of our services for your Tax Returns Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2020 RL-31 SLIP

TAX OBLIGATIONS

Are you a landlord of an eligible dwelling for which rent was paid or payable on December 31, 2020. You must file an RL-31 slip and give a copy to your tenants.

The RL-31 slip is used to report information about leased dwellings on December 31, 2020.

RL-31 slips must be filed and distributed no later than February 28, 2020.

Filing

You can file RL-31 slips for the 2020 taxation year using the service for preparing and viewing the RL-31 slip (available for the 2019 taxation year as of December 1).

If you filed RL-31 electronically for 2019, you can use the same information to file the slips for 2020.

You can also file your RL-31 slips:

  1. using authorized software you purchased;
  2. using software you developed (provided it meets our requirements); or
  3. on paper (if you have to file on paper, contact us).

For more information about filing the RL-31 slip, click Filing RL Slips and Summaries. You can also refer to the Guide to Filing the RL-31 Slip: Information About a Leased Dwelling (RL-31.G-V) or the RL-31 Slip Helpsheet (RL-31.G.A-V).

COMPONENTS OF THE SOLIDARITY TAX CREDIT

The solidarity tax credit has three components:

  1. the housing component
  2. the QST component
  3. the component for individuals living in northern villages

You may be entitled to the credit even if you are not eligible for all three components. For example, you can claim the credit even if you lived in a dwelling that is not eligible, such as a dwelling in low-rental housing (HLM), on December 31, 2020. In such a case, they will take into account only the QST component and, if applicable, the component for individuals living in a northern village.

About Expert Fiscaliste

Quebec RL-31

Expert Fiscaliste provides income tax preparation and consulting services to individuals, businesses, with real estate residential operations in Quebec.

If you want to take advantage of our services for your Tax Returns Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2020 Tax Slips

T4, T4A, T4(OAS) T5, T2202, RC62 tax slips

All of these slips are prepared by your employer, payer, or administrator. You should have received most of these your slips by the end of February. For more information on CRA tax slips

RL-1, RL-2, RL-3, RL-8 Quebec tax slips

All of these slips are prepared by your employer, payer, or administrator. You should have received most of these your slips by the end of February. For more information on Quebec tax slips

T3/RL-6 and T5013 tax slips

These slips are prepared by your financial institution, payer, or administrator. You should have received most of these your slips by the end of March.

If you don’t expect to get a tax slip

To get your OAS, EI or CCB slips, sign in to Service Canada.

If you don’t expect to get a tax slip. You have 2 CRA options

Expert Fiscaliste 2020 Individual Tax Return Checklist

1099 – US tax forms

These forms slips by your US financial institution, payer, or administrator. You should have received most of these your slips by February 1.

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2019 – Last day to transmit T1 returns

Attention: Last day to transmit T1 returns and T1 Form T1135

The CRA’s EFILE, ReFILE and T1135 web services will stop accepting transmissions of your initial and amended (T1) personal income tax and benefit returns and T1135 forms for T1 at 11:00 p.m. on Friday, January 22, 2021 (Eastern Time), in order to convert their systems to prepare for the next filing season. These services will re-open on Monday, February 22, 2021, at 8:30 a.m. (Eastern Time).

Please ensure you transmit any initial or amended T1 returns and T1135 forms for T1 before January 22, 2021, to avoid having to wait until the new program starts.

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Contact Expert Fiscaliste

2018 Tax Calendar
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

Employment Insurance premium rates for 2021 announced

December 9, 2020

The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program.

For 2021, the EI premium rate will be 1.58% and maximum annual insurable earnings will be $56,300. The maximum annual premium will be $889.54 for an employee and $1,245.36 for an employer.

A listing of EI rates and amounts for 2021 and previous years can be found at https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/employment-insurance-ei/ei-premium-rates-maximums.html.

About Expert Fiscaliste

Contact Expert Fiscaliste

2018 Tax Calendar
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2020 Individual Tax Document Checklist

Collect your tax information

2020 Tax Document Checklist

See Expert Fiscaliste Tax Check List for the tax information required and send this information to us via one of the (5) options below.  If you are not sure on the information required – just contact our office and we will be happy to assist you. 

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

Let Us Prepare Your 2020 Personal Taxes

Our Services: Tax Preparation

https://www.expert-fiscaliste.org/wp-content/uploads/2020/12/2020-Let-us-Prepare-your-Tax-Returns.pdf

Let Us Prepare Your 2020 Personal Taxes. We offer convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, U.S returns, corporations, and more. We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed.

Just follow these simple steps:

1. Collect your tax information

See our Tax Check List for the tax information required and send this information via one of the (5) options below.  If you are not sure on the information required – just contact our office and we will be happy to assist you. 

Please send in all copies of your receipts, do not detach slips or use staples.  We will electronically scan your tax information and return all tax receipts and information to you. 

2. We will calculate your taxes

3. Your final review, signature, and closing of the taxation year

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

Fall Economic Statement 2020—Income Tax Measures

Simplifying the Home Office Expense Deduction for Employees

Tax Preparation
Call 514-954-9031

The federal government promises to simplify the process of claiming a deduction for home office expenses for employees. The CRA will allow employees who worked from home in 2020 due to COVID-19 to claim expenses of up to $400. This will be based on the amount of time working from home, without the need to track detailed expenses. CRA will generally not request that employees provide a signed form from their employers.

Taxing Unproductive Use of Canadian Housing by Foreign Non-Resident Owners

The government plans to target speculative demand for housing from foreign, non-resident investors. The government intends to take steps over the coming year to implement a national, tax-based measure targeting the unproductive use of domestic housing that is owned by non-resident, non-Canadians, which removes these assets from the domestic housing supply.

Canada Child Benefit

To provide immediate support for families with young children, the government proposes to boost the Canada Child Benefit (“CCB”) in 2021. This will provide an additional four CCB payments:

  • $300 per child under the age of six to families entitled to the CCB with family net income equal to or less than $120,000, and
  • $150 per child under the age of six to families entitled to the CCB with family net income above $120,000.

RDSPs—Cessation of Eligibility for the Disability Tax Credit

Budget 2019 proposed changes to the Registered Disability Savings Plan (“RDSP”) regime for beneficiaries with episodic disabilities. These proposed changes include removing the time limitation on the period for which an RDSP may remain open after a beneficiary becomes ineligible for the disability tax credit (“DTC”) and further, modifying repayment obligations. Budget 2019 proposed that these changes would apply as of January 1, 2021. It also proposed that until the coming-into-force date of the measure, RDSP issuers would not be required to close an RDSP solely because the beneficiary is no longer eligible for the DTC.

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

CRA Meals September 3, 2020

Today, the Honourable Marc Garneau, Minister of Transport, on behalf of the Honourable Diane Lebouthillier, Minister of National Revenue, announced that the Canada Revenue Agency (CRA) has increased the amount that employers can use to determine whether an overtime meal or allowance, or the meal portion of a travel allowance is taxable, from $17 to $23. The CRA has also increased the rate at which transport employees and other individuals can claim
meal expenses, using the simplified method (a flat rate per person), from $17 to $23 per meal. These increases are effective immediately and retroactive to January 1, 2020.

More more information…

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your 2019 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

CRA extension September 30, 2020

News Releases Date: 2020-07-27

Quebec RL-31

The Canada Revenue Agency announces an extension to the payment deadline and offers interest relief on outstanding tax debts during the COVID-19 pandemicCRA: The Canada Revenue Agency announces an extension to the payment deadline and offers interest relief on outstanding tax debts during the COVID-19 pandemic, released July 27, 2020 (News Release). The CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020.

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your 2019 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

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