Filing your 2020 Tax Return

I am giving all my clients a big (virtual) hug, 2020 was a tough year.  I know it’s been really hard for some more than others. I really feel for those of us who are struggling. Some of us are dealing with our own or our family’s physical and mental health challenges; some of us had to curtail or shut down our small businesses; some of us had reduced or no employment. My sincere hope is that 2021 will be better for all of us.

All you need to know about filing your 2020 tax return

I have changed the format of my annual tax letter and checklist, I hope you find the changes user-friendly. Let me know what you think!

So far, Canada Revenue Agency has not announced any changes to the deadlines. If an extension is announced, I will keep you posted.

You can click here for the 2020 Personal Tax Checklist or go to my website to obtain the checklist.

RRSP Contribution Deadlines

Type Contribution Deadline
Regular RRSP contribution March 1, 2021
Home Buyers Plan repayment March 1, 2021

Tax Filing Deadlines

Type of Return Filing Deadline Amount owing due date
Personal tax return April 30, 2021 April 30, 2021
Self-employed tax returns June 15, 2021 April 30, 2021
HST Returns self-employed (annual filers) June 15, 2021 April 30, 2021

 What’s New

Employees working from home during COVID-19

If you worked from home in 2020 due to COVID-19, you may be able deduct employment expenses. Please see my “Employment Expense Determination” worksheet to see if you have a deduction and how to determine the maximum claim. Click here for the worksheet or go to my website to obtain the worksheet or to obtain the Excel version.

Seniors doing home renovations for safety and mobility

Ontario claim: starting in 2021, save 25% in taxes on renovation amount up to $2,500

Existing Federal claim: save 15% in taxes on renovation amount up to $1,500

Combined maximum savings: $4,000

Digital news subscription expenses

For the 2020 to 2024 tax years, you may be able to claim a non-refundable tax credit for expenses you paid in the year for a digital news subscription with a qualified Canadian journalism organization.

COVID-19 related Federal personal support programs

Here’s what’s taxable and what’s not. You will receive a tax slip for the benefits that are taxable.

COVID-19 Benefit Taxable?
Canada Emergency Response Benefit (CERB) Yes
Employment Insurance (EI) program Yes
Canada Recovery Benefit (CRB) Yes
Canada Recovery Sickness Benefit (CRSB) Yes
Canada Recovery Caregiving Benefit (CRCB) Yes
Canada Emergency Student Benefit (CESB) Yes
One-time payment – disability support No
One-time payment – GST/HST credit No
One-time payment – Canada child benefit No
One-time payment – OAS/GIS No

2019 Documents

If you have not picked up your 2019 tax documents please contact me to make arrangements.

I look forward to hearing from you again this tax season. I appreciate your business very much. Please call me if you have any questions as you gather your tax information for 2020 or if you wish to discuss any other tax matters.