FILING YOUR PERSONAL TAXES
The Federal government has extended the tax deadline to June 1, 2020. Payment Due Date Aug 31, 2020
Will a delay in filing my taxes effect my benefits? If you are low income (or anyone that relies on their CTB,OTB or GST) You should try to file as early as possible to avoid interruption in those benefits.
Taxes Electronically: If you can print and scan In your home I can help you do taxes electronically.
Taxes by Mail: Some times you have to go old school. Some of my clients don’t have the technology. Send your tax information my mail. I’ll do the taxes and mail everything back to you to sign.
Taxes by Phone: If your return is every simple we could go over all slips and your other information by phone.
NEW EMERGENCY RESPONSE BENEFIT: (you will apply through My Account portal) AVAILABLE APRIL 6th
Things are changing fast. This new benefit (CERB), this benefit is supposed to be simpler and more accessible then the previously announced Emergency Care Benefit and /or the Emergency Support Benefit .
The CERB would provide $2,000.00 a month for up to four months.
The CERB would cover Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with Covid-19, as well as working parents who must stay home without pay for children who are sick or at home because of school/daycare closures.
I have also heard that small business or self employed people that have lost 70 % or more of their income can apply. ( I can’t as of yet find print to back this up) I will keep looking because this is “My Category”.
CHANGES TO EXISTING BENEFITS, CREDITS AND SUPPORTS (you don’t have to do anything to receive this)
GSTC -Goods & service Tax – Onetime Special payment in Early May that will double the annual maximum payment 2019 – 2020 benefit year. The average boost for individual’s approx. 400.00 and for Families approx. 600.00
CCB – Canada Child Benefit – ( it does not say how long this will last) Each family will receive an additional 300.00 per child.
CPP & OAS – There is suppose to be a bump to your benefits. ( I haven’t found anything that tells me the amount)
EI – EMPLOYMENT INSURANCE
If you have been let go or lost you’re job (T4) Simply go to the Service Canada Web Site and apply. I know Employers are having a hard time getting ROE’s. It’s ok if you haven’t received your ROE yet. You still go apply and there will be a choice that says ROE to follow from Employer. Once selected it will allow you to continue with the application.
OSAP LOANS
No payment, no interest for six months.
RRIF’s – REGISTERED RETIREMENT INCOME FUNDS
The minimum withdrawal has been reduced by 25%- This way you can leave more money in and wait for the market to bounce back.
Benefits, credits and support payments: CRA and COVID-19
-File early if possible
-New benefits or support
-Changes to existing benefits, credits or support
-What to do if the Canada Revenue Agency reviews your benefits
I know this doesn’t cover everybody, please know I keep watching for small business relief. I’ll keep you up to date as I learn new information. If you have questions you can text/call or email me and I will get back to you as soon as possible.
Please stay safe and take care of each other.
Michelle