Hello Readers. In this article I am
going to cover two items; COVID-19
response to getting ready for the
2020 tax filing.
Let me start with federal or provincial COVID-19 support programs available and the related deadlines
and filing requirements.
TWS – Temporary Wage Subsidy.
This program allows a 10% relief for
employers who have a payroll account as of March 18th, 2020. This claim should be claimed on the prescribed Form PD27. The amount claimed can be received by reducing
the 2021 remittances.
CEWS- Canada Emergency Wage
Subsidy. Up to 75% of wages (maximum $847 per week). The eligibility is based upon the revenue decline
and the program has been extended
to June 2021. The deadlines are January 31st, 2021 or 180 days after the end of the claim period.
CEBA- Canada Emergency Business
Account. The deadline is March 31st
2021. Businesses can avail a loan of
$60,000 of which 33.33% ($20,000)
is forgivable. Available to a business
in operation as of March 1, 2020, and
provided they meet the thresholds of
Payroll or non-deferrable expenses.
Non-forgivable portion must be paid
by December 31st, 2022
CECRA- Canada Emergency Rent
Assistance. This program has end
and was funded by the landlord, Federal and Provincial governments to the tune of 25% each
CERS-Canada Rent Support. Application is through the CRA website My Account. This program is available to companies experiencing revenue decline and have up to 180 days
after the end of each claim period.
Up to 65% of rent or property tax is
available plus a possible 25% top up
for lockdown support Ontario Small Business Support
Grant. Available to businesses required to close or significantly restrict services under the province wide shut down that begins on December 26th, 2020 and experience a
minimum 20% decline comparing
April 2020 to April 2019.
In addition, there are other programs
to fund PPE and hydro support.
The biggest frustration in availing
some of the programs is setting up
the My Account once done along
with a direct deposit the process and
funding should be seamless.
Now let me focus on the 2020 tax
filing season, the first date these taxes can be e-filed is February 22nd, 2021 and the RRSP deadline is
March 1st, 2021.
Here is a list of documents that will
be required for your Tax Returns;
T4s, T5s, RRSP slips, rent receipt,
charitable donation receipts, medical
expenses (your pharmacist can give
you a printout of all your medications for the year), this year getting a T2200 (Condition of Employment
Form) from your Employer is important if you are working from home. In addition, you will need the T2202
for students enrolled in a study program.
Other potential deductions available
are first time home buyers, disability
credit or caretaker amount. 

Gandhi is owner of
Quick Refund Tax, 133 Sixth St. He can
be reached at 905-616-5253 or at rattangandhi@gmail.com