The Long Postponed Tax Deadline Is Here
When the CRA announced that they would postpone the 2020 tax deadline in deference to the Covid-19 emergency, almost half of Canadians decided to take advantage of that fact. It’s understandable that so many Canadians are grappling with suddenly working from home, becoming an essential worker overnight, or even being laid off, would decide to postpone filing. We all had more important things to worry about.
But that reprieve is at an end and it’s time to file our 2019 returns.
Important Deadlines
There are three significant – and imminent – deadlines that you should be aware of:
- The personal tax deadline is June 1, 2020
- The self-employed tax deadline is June 15, 2020
- The tax payment deadline is September 1, 2020
Are You an Employee or a Contractor?
If you are employed by a business in Canada, your new tax deadline is June 1st. This category includes part and full-timers employed by small and large businesses in Canada, as well as anyone working for a staffing or outsourcing organization that provides an Employer of Record service.
For self-employed individuals, your deadline is June 15th. This category includes contractors, freelancers, many gig workers and even some people working through agencies. If you’re unclear about your employment status, get in touch with your employer immediately and ensure that you have all the necessary documentation pertaining to your employment in 2019.
Preparing to File
Before filing, ensure that you have all the necessary documentation to file your return including T4, T2200, expenses, receipts and contribution records. While keeping detailed household records can be challenging (though it doesn’t have to be), that’s actually the easy part. What’s often harder is keeping up with what’s changed from year to year, in terms of taxable benefits, available tax credits and contribution and taxable limits.
Be sure to do some research into what’s changed for 2019 – and preferably not during the night before your deadline.
