Get ready to do your taxes

Get ready to do your taxes

• Covid-19
• March 25, 2021

• Have you filed your taxes for 2020?
• Are you up to date and filled for 2019?
• Do you know what paperwork is needed to file your Taxes this year?
• Did you receive CERB or CEWS or CERS or any other Covid-19 benefits from CRA?
• Do you know how the benefits will affect your taxes this year?

Filing your taxes on time is important. Submitting your taxes keeps your information up to date, which ensures that you receive any benefits and credits that you are entitled to. Who needs to file taxes? If you are a Canadian resident, New Immigrant to Canada, Indigenous, have left Canada temporarily or permanently but have rental income, international student and seasonal worker. Even someone who is deceased, must file a return, for any year prior to passing away, including the year in which they passed.

What are the steps needed to get ready for 2020 Taxes?

1.   Find out how CRA Covid-19 benefits are affecting your taxes.

2.    Ask your Accountant what’s new for 2020 taxes.

3.   Be ready with your documents: Tax slips, receipts, supporting documents, self-employment income, foreign investments, assets or any other income received.

4.   Be aware of the key dates

4.1       Individual taxes –CRA requires that 2020 taxes be submitted by midnight on Friday, April 30^th 2021.

4.2       Contribution to RRSP, PPSP or SPP – Deadline is March 1, 2021.

4.3       If you or your spouse or common-law partner are self-employed – The deadline to file is June 15^th. However, if you owe taxes for 2020, payment must be paid by April 30, to avoid penalties.

4.4       Deadline to pay any taxes owed- April 30^th.

5.   How can you file your taxes?

You can file online or your legal representative can NETFILE your taxes with CRA, the filing of Paper returns is no longer accepted.

6.   Always keep your information with CRA updated

7.   Meet accountancy expert or browse CRA website to know your rights, benefits, entitlements and obligations.

8.   You are all set to do your taxes.

9.    Any doubt write to us at robert@wattersonfinancial.com or call us on +16474035381 or visit our website www.wattersonfinancial.com and book an appointment with one of our experts now. Valuable blog posts: Our blog is updated regularly with accounting advice, valuable tools, product/service information, and accounting trends.

For more information about our tax services, feel free to reach out to our experts at Watterson Financial Solutions Inc To connect with us, you can either call us at 647-403-5381 or email us at robert@wattersonfinancial.com. We are a team of dedicated accounting and finance professionals, and we cater to the needs of individuals and business owners. We specialize in all areas of tax, accounting, assurance, succession planning, risk management, and business consulting. That way, we can give you full control over your finances. We also provide business advice to companies in different industries so you can become tax-efficient and transition your business into the new economy.

For more information about our services, please click here or get in touch with us by clicking here. 

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With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.

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