Tag: Terminal Tax Return

27 Mar

CRA Filing Deadlines and COVID-19

Paul Emile Trudelle Estate & Trust, In the News Tags: , , , , 0 Comments

Recently, the Government announced changes to Canada Revenue Agency tax filing and payment deadlines in light of the COVID-19 crisis.

Notably, individual returns, normally due on or before April 30, 2020 are now due on or before June 1, 2020. Payments due April 30, 2020 are due on or before September 1, 2020, with no penalty or interest being payable if payments are made on or before September 1, 2020. Installment payments due on a date before September 1, 2020 can be paid up to September 1, 2020.

Things are not so clear with respect to terminal tax returns for deceased taxpayers. Normally, these are due on April 30, 2020 if the deceased died between January 1, 2019 and October 31, 2019, and six months after death if the deceased died between November 1, 2019 and December 31, 2019. What is not entirely clear is whether these deadlines are also extended. Some accountants are advising to file and remit payment in accordance with the old deadlines until further clarification is given. Hopefully, this issue will be clarified shortly.

Please note that things change daily, and further clarification may be coming soon. If these deadlines may apply to you, or an estate that you are responsible for, please consult a knowledgeable accountant and/or monitor the CRA website.

Thank you for reading. Stay safe and healthy.

Paul Trudelle

07 Apr

Tax Season

Hull & Hull LLP Estate & Trust Tags: , , , , , , 0 Comments

Welcome to my week of blogs.

Tax season is once again upon us with all of its attendant trepidation. No doubt, a general panic has set in as people gather together the necessary documentation to fill out and file their tax returns. 

Anybody who has been an estate trustee will know that he/she is responsible to prepare and file a terminal tax return and to ensure that any outstanding taxes are paid on time. To help cut through the confusion, I thought it worthwhile to set out some of the income/deduction tax receipts that an estate trustee may come across when preparing a tax return:

Income

Ø      T4                    Employment Income

Ø      T4A                  Pension/Annuity Benefits, Canada Pension Plan Benefits

Ø      T4A(OAS)       Old Age Security Benefits

Ø      T4RIF              Registered Retirement Income Fund Withdrawals

Ø      T4RSP            Registered Saving Plan Withdrawals

Ø      T4PS               Contributions by a Company to Profit Sharing Plan

Ø      T600                Cash Canada Savings Bonds

Ø      T4E                  Employment Insurance Benefits       

Ø      T5                     Investment Income

Ø      T3                     Trust Income (including mutual funds and income trusts)

Ø      T5008              Statement of Securities Transactions

Ø      T5013              Statement of Partnership Income

 

Deductions

Ø      T2200              Declaration of Conditions of Employment

Ø      T2201              Disability Tax Credit (completed by a doctor)

Ø      T2202              Tuition/Education Deduction Certificate

Ø      T101                 Statement of Renounced Resource Expense

Ø       T5006              Labour Sponsored Tax Fund Credit, RRSP Contribution, Union and Other  Professional Dues, Medical or Attendant Care Expenses, Charitable Donations, Political Donations, etc.

 

Thank you for reading, Justin.

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