COVID UPDATE FEBRUARY 2021

York Simcoe Accounting is OPEN and we are welcoming clients into the office. Please be aware that we are currently limiting the number of people entering at one time. Masks are now required when entering the office. If you do not have a mask, one will be provided for you. Our current office hours are Monday to Friday, 9 am-5 pm and Saturdays 9am-3Pm

For businesses affected by the COVID-19 crisis, please see the links below for the most up to date information about economic relief:  Economic Response Plan.  

One of the best things you can do to prepare yourself or your business for tax season is to register for a My CRA Account. You will also sign up for any government subsidy or relief within this portal.

 

UPDATED DEADLINES DUE TO THE COVID-19 CRISIS

The personal income tax deadline is April 30, 2021. To avoid late-filing penalties and interest, you must ensure that your returns are filed by April 30, 2021, and that payments are made by April 30, 2021. 

The Government of Canada will provide targeted interest relief to Canadians who received COVID-related income support benefits. Once individuals have filed their 2020 income tax and benefit return, they will not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022. This will give Canadians more time and flexibility to pay if they have an amount owing.

To qualify for targeted interest relief, individuals must have had a total taxable income of $75,000 or less in 2020 and have received income support in 2020 through one or more of the following COVID-19 measures:

• the Canada Emergency Response Benefit (CERB); 
• the Canada Emergency Student Benefit (CESB); 
• the Canada Recovery Benefit (CRB); 
• the Canada Recovery Caregiving Benefit (CRCB); 
• the Canada Recovery Sickness Benefit (CRSB); 
• Employment Insurance benefits; or 
• similar provincial emergency benefits.

The Canada Revenue Agency (CRA) will automatically apply the interest relief measure for individuals who meet these criteria.

Self-employed tax returns are due by June 15, 2021. To avoid late-filing penalties and interest, you must ensure that your returns are filed by June 15, 2021, and any balance owing is paid by April 30, 2021.All payments are due by April 30, 2021 to avoid interest. 

Full list of deadlines from the Canada Revenue Agency.