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Please contact us and we will send you our Canadian tax checklist and/or our US tax letter.

The Canadian and US governments have put different measures in place.

As of March 20, 2020 the deadlines, based on our understanding are as follows:

 Canadian T1 Personal Tax Return

INDIVIDUALS:   June 1, 2020  

                        June 15, 2020 – with business income 2125

Payments Due:  August 31, 2020
(Any income tax payments owing on March 18 or after up to September 1, 2020)

The government is recommending filing for refunds and if you are reliant on the Child Tax Benefit and GST and other credits.

US 1040 return

Filing Due date and Payment due date:
Extended to July 15, 2020 from was April 15, 2020)

Automatic extension 2 months, if outside of US:  June 15, 2020  - currently unknown if there is an additional amount of time

Payment owing:  July 15, 2020 (was April 15, 2020)

Extensions may be filed - generally to October 15, 2020 - currently unknown if further extensions will be changed

COVID19 extension – filing deadline and payment extended 90 days to July 15, 2020 if tax return is filed by deadline.***

The IRS recommends filing for refunds.  An extension can also be filed to extend to October 15, 2020.

T3 Trust returns

For December 31, 2019:     May 1, 2020

Or 90 days after year end (currently no additional information)

Corporations

The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.  This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. 

Charities

The Charities Directorate is extending the filing deadline to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020.

Note that the Canada Revenue Agency and the IRS do have relief provisions in place that may be available, depending on your circumstances.


This information and checklist have been prepared for used for clients of Paterson Henn CPA as a guidance and should not be used as tax advice for personal situations.  We do not accept any responsibility for late-filings based on this information.  Further information may be requested. 
Please refer to source material from CRA and the IRS for certainty.

Errors & Omissions Excepted.

Tax Alerts

When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. Those who had contributed could start receiving CPP on retirement, usually at the age of 65. Once an individual was receiving retirement benefits, he or she was not required (or allowed) to make further contributions to the CPP. The CPP retirement benefit for which that individual was eligible therefore could not increase (except for inflationary increases) after that point.


Just over a decade ago, it was possible to buy a home in Canada with no down payment — financing 100% of the purchase price — and extending the repayment period for that borrowing over a 40-year period.


While Canadians had an extended time this year to file their income tax returns for the 2019 tax year, the extended filing deadlines (June 1 for the majority of Canadians, and June 15 for self-employed individuals and their spouses) have passed and returns should be filed.


While the standard (and accurate) advice is that tax and financial planning are best approached as activities to be carried on throughout the year, it’s also the case that a mid-year tax and financial checkup makes good sense, and that’s especially the case this year.


Chartered Professional Accountants