To help our clients we are posting some important dates that corporations and individuals should be aware of:

Individuals

• • Monday May 1, 2023 is the deadline for your personal tax return
    • Download a Checklist for Your Personal Income Tax Return – Fillable form
    • Download (short form) Personal Tax Checklist PDF – Fillable Short form Checklist PDF
    • Download (long form) Personal Tax Checklist PDF  – Fillable Checklist PDF
    • Download a T1 Client T1 Engagement Letter for the taxation year
• • The Canada Revenue Agency (CRA) has developed a streamlined approach for authorized representatives (such as Rutwind Brar) to access taxpayer information over the Internet. To ensure that such access is authorized, they have developed Form T1013, and a copy of it is available here. All clients should print out this document, sign it in the place indicated, and include it with the tax material you send us. We will use the form to establish a direct link to your tax history data at CRA. This minimizes the possibility of discrepancies and missed information.
  • If you have an interest in foreign (non-U.S.) bank or other financial accounts and the aggregate maximum value of these accounts during the year exceeded $10,000 US, you are required to submit a separate FinCEN Form 114 Report on Foreign Bank and Financial Accounts. Click here to download our FBAR account list worksheet
  • Download a Checklist for Your U.S. Personal Income Tax Return
  • You should also complete and sign a Form 114a in order to authorize our firm to file the FBAR on your behalf. Click here the download the form

Corporations

• Your corporate tax return is due six months after your fiscal year end
• The end of February is the T4 and T5 reporting deadline
• Download a Year End Checklist – Notice to Reader

COVID-19 Response

Please see attached Newsletter from Rutwind Brar LLP regarding the information released by the Government of Canada.

Information regarding Record of Employment codes 

Emergency Response Benefit – Self-employed individuals and business owners

The previously announced Emergency Care and Support Benefits are going to be merged into one benefit to streamline the process. This will provide $ 2,000 a month for four months for self-employed individuals who have lost income because of COVID-19. They are estimating that a portal will be available for applications starting April 6th and benefits would start being paid 10 days later. These are just estimates and the timeline could change. We will provide additional information as it becomes available

Mortgage Deferral options for Canadians facing hardship.