Tag: Terminal Tax Return
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.
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:
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
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.