What about my taxes – April 2020 Edition
It’s April, the month when most people have to file their taxes or face financial consequences. Except they don’t need to and won’t face those right now. I have to admit that this article was going to discuss the importance of filing taxes on time, who needs to file when and the different rules regarding filing and paying any outstanding balances. This article will discuss those things, but the rules have changed this year because of the current COVID-19 pandemic. My hope is that I can take a slightly confusing topic with a bunch of boring, long-winded tax-talk, that has now become even more confusing and even longer-winded, and turn it into something clear and useful for our readers. Wish me luck!
Normal Deadlines – In a normal year, the personal income tax filing date is April 30th, and the only caveat to this is for self-employed individuals (and consequently their spouses), who have until June 15th to file their taxes. In both of these cases, any taxes payable would be due on April 30th. We won’t go into how self-employed individuals have to pay their taxes 45 days prior to when they file, or why that is not a logical process, but it’s a moot point this year.
The NEW deadlines are as follows:
· Personal income tax filing is due Monday, June 1st, 2020
· Self-Employed filing is still due Monday, June 15th, 2020
· All Taxes Payable (Income Tax, GST/HST on Self-Employed income) is not due until at least Tuesday, September 1st, 2020, but they have not officially stated when they will become due
· Other deadlines for corporate income tax and GST/HST have also been moved to later dates
One thing of note is that anyone who would receive benefits such as GST/HST credit for low income or Child Care Benefits would still want to file as early as possible to prevent any disruption in receiving those benefits, and the same goes for anyone looking to receive a tax refund. The sooner you file, the sooner CRA can process your return and issue you payment.
Since our goal is to work in our clients’ best interest, Zablocki & Associates Inc. is still in business, and handling most interactions online or by phone. We use email and phone for consultations, have been receiving authorization forms to sign on our clients’ behalf, have been getting most documents emailed to us, or picking them up from mailboxes. All clients receive a copy of their return, along with a summary and letter to make it easier for them to understand. We want to make sure our clients stay safe and healthy, and do our part to keep it that way, and still help you get your taxes filed with as little trouble as possible.