The year of 2020 has been known as a notoriously difficult year for many, as thousands experienced job loss and others have fears of unstable financial security. Due to COVID-19, many popular events have been cancelled due to limited gatherings and social distancing rules. This includes the Boundary Volunteer Income Tax Clinic, which was run by CRA trained volunteers to do simple tax returns.
Due to the cancellation of the volunteer services, the government of Canada has estimated that as of October 14, 2020 over 63,000 seniors have yet to file their 2019 tax returns, as many seniors have no access to a computer or do not have the known-how to file taxes online. Many Canadian seniors could see an interruption in their benefits and have no access to their GST/HST tax credit, nor the Guaranteed Income Supplement.
The Canadian Revenue Agency (CRA) has estimated that nearly 2 million other Canadians had yet to file their tax returns in July of 2020, and these Canadians could see a delay in COVID tax reliefs.
Starting October 30th, the federal government is fulfilling their promise of a one-time payment for Canadian’s with disabilities. If you currently receive CPP Disability or have the Disability Tax Credit (DTC) you will automatically receive the one-time payment of $600. The government estimates there are at least thousands of Canadians who qualify for the Disability Tax Credit, but have never applied. If you think you may qualify you can access the application form on www.canada.ca (search for Disability Tax Credit form). You will need to have your family physician answer the questionnaire, but as long as the application is in to CRA by December 31, 2020, and if you are approved, you will receive the payment.
Have you, or a loved one, fallen behind in filing a tax return? Think filing your taxes is a tedious or expensive job? If your income is less than $20,000 per year and you are receiving only CPP and/or Old Age Security, Sunshine Valley Accounting is offering a flat rate of $25 (plus tax) to get your filing out of the way and we will make it as stress free as we can! The deadline for 2020 tax filing was September 30th, which has a penalty of 5% of what you have made in income with an additional 1% for every month missed (if you owe money). Don’t let the months pass you by, send us a message or call for a free 30 minute consultation!