If you haven’t filed, here’s some quick info that may help…
Looks like CRA isn’t extending the income tax deadline like they did in 2020. And this year will be one of the most complicated years for most Canadians to file because nearly a quarter of Canadians received the CERB benefits, and many more will qualify to expense their home office if they worked at home due to the COVID-19 pandemic (if you did, then file form T777 with your income tax).
If you haven’t filed, here are some tips to speed up the process before they are due tomorrow!
Get your documents together, some basics ones:
- T4’s from employers
- T4 from CRA if you received any CERB payments
- RRSP Withdrawals – T4RSP
- Expenses (utilities, maintenance… etc) and square foot/meter info for your T777 Home Office Expense.
- Notice of Assessment (NOA) from 2019
Visit your tax advisor ASAP or download some free software to file it yourself (it’s surprisingly easy), like Studio Tax.
Don’t miss the deadline, it’s a big deal! Especially if you are receiving CERB because the CRA will stop those payments. And if you file late, CRA says there will be an 8-week delay to receive payments again.
Best of luck!
#tax #taxes #smallbusiness #canada #ecommercebusiness