Extended Deadline for Income Tax Returns – Need Help?

The extended deadline, until June 1, for filing personal income tax returns has meant Canwest Accounting’s hardworking team has been busy non-stop doing tax returns for more than 14 weeks now, which is much longer than the typical tax season.

“I was finishing up some clients’ tax returns over the weekend to get them in before the deadline,” said Sharlane Bailey, Owner of Canwest Accounting. “Those who are self-employed have until June 15, and we’ll be busy until then. It really hasn’t let up this year. Usually things slow down for a bit in May.”

Apart from filing tax returns, Canwest Accounting has received many calls from people needing help with the Canada Emergency Wage Subsidy (CEWS) program, which has been extended to Aug. 29, 2020. CEWS subsidizes 75% of employee wages for up to 24 weeks and is intended to allow organizations to re-hire workers they previously laid off due to COVID-19. This applies to a variety of companies and non-profit organizations that can demonstrate a revenue drop of 30% over the same period last year. Canwest Accounting has dedicated one of its team members to just deal with CEWS, ensuring their valued clients are claiming the correct amount based on their employees’ weekly earnings. Otherwise, when their records are audited, they may have to pay back any overpayments. More information about the CEWS is available here.

Many of Canwest Accounting’s business clients have been reopening for business during Phase 2 of the province’s Restart Plan.

“Some don’t qualify for rent subsidies and don’t want to borrow money through the government’s small business loan program in order to pay their rent, so please shop local and help keep these small businesses going through this economic crisis,” Sharlane said.

To have the exceptional team at Canwest Accounting save you time and money by answering your questions, doing your bookkeeping or preparing your tax return, call or email us. Our offices are still closed to the public while we put in place protocols to allow for social distancing, but we have a pickup and drop off service that is very convenient.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *