By now, most Canadians have filed their income tax returns for the 2020 taxation year. Specifically, by May 17, 2021, the Canada Revenue Agency (CRA) had processed just under 27 million individual income tax returns filed for 2020. Just over 16 million of those returns resulted in a refund to the taxpayer, while about 6.6 million taxpayers received a bill for additional taxes owed.
Newsletter - Page 21 of 30 - Akler Browning LLP
Latest news and regulations from the financial world.
It is a sad fact that, every year, thousands of Canadians become the victims of scams in which fraud artists claim to be representatives of the federal government. Equally sadly, in most cases the money lost is not recovered.
At the beginning of the pandemic, when states of emergency were declared across Canada, the federal government introduced a number of programs to provide financial relief and assistance to individuals and to businesses.
The Old Age Security (OAS) program is the only aspect of Canada’s retirement income system which does not require a direct contribution from recipients of program benefits.
For the majority of Canadians, the due date for filing of an individual tax return for the 2020 tax year was Friday April 30, 2021. (Self-employed Canadians and their spouses have until Tuesday June 15, 2021 to get that return filed.)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.
Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know until their return is completed what the “bottom line” will be, and it’s usually a case of hoping for the best and fearing the worst.
Our tax system is, for the most part, a mystery to individual Canadians. The rules surrounding income tax are complicated and it can seem that for every rule there is an equal number of exceptions or qualifications.
By the time most Canadians sit down to organize their various tax slips and receipts and undertake to complete their tax return for 2020, the most significant opportunities to minimize the tax bill for the year are no longer available.
When the pandemic was declared just over a year ago, the federal government announced a wide range of benefits to help mitigate the financial stress experienced by those who lost jobs or saw their hours (and income) reduced.