Income Tax Filing and Preparation

April 30 is the final day for filing your personal income tax return. That date also marks when self-employed individuals need to pay any tax owing for 2020. Otherwise, interest will be accrued after April 30. That said, self-employed individuals have until June 15 to submit their income tax forms.

Due to the large number of tax returns carefully prepared by the committed tax preparers at Canwest Accounting, clients need to get their paperwork into Canwest Accounting by April 16 so staff can prepare your income tax forms and file these before the deadline. Anything received later they cannot guarantee will be filed by April 30.

Most people should receive all the receipts and forms for their 2020 tax return by mid-March.

To have the exceptional team at Canwest Accounting save you time and money by preparing your tax return, please call or email us and fill out our Personal Tax Checklist, preferably by April 16. Our offices in Victoria and Langford are still closed to the public to keep everyone safe during the COVID-19 pandemic, but we have a pickup and drop off service that is very convenient.

COVID-19 Relief Programs Extended

As the COVID-19 pandemic enters a second year, many government-funded business recovery and relief programs have been extended past their March-end dates. The following is a list of some of the programs that are continuing for at least a few more months:

  1. The federal government has extended the Canada Emergency Wage Subsidy (CEWS) program until June 5, 2021. As more vaccines are administered, and restrictions loosened, CEWS allows employers to rehire their employees as they return to normal operations. Canwest Accounting continues to do the filings for many businesses receiving assistance through CEWS.
  2. C. extended its Small and Medium-Sized Business Recovery Grant program, which provides grants of $10,000 to $30,000 to eligible small and medium-sized B.C. businesses demonstrating a minimum drop in revenue of 30% due to COVID-19 until August 31, 2021.
  3. The Canada Emergency Rent Subsidy (CERS) for eligible businesses has been extended until June 5, 2021.
  4. The Canada Recovery Benefit for individuals has also been extended until September 21, 2021. Those eligible under this benefit may receive $1,000 per 2-week period for up to 26 weeks. It is intended to assist those people who are not working or have experienced a 50% reduction in their weekly income and are not eligible for Employment Insurance benefits.

DISCLAIMER

The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided

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