Money How to get your tax refund as quickly as possible amid the COVID-19 crisis
COVID-19 cases in Canada surge to 1,472 as the death toll hits 21
OTTAWA — The number of confirmed and presumptive COVID-19 cases in Canada rose to 1,472 by the end of Sunday, an increase of 141 over the previous 24 hours. And the country's death toll from the new coronavirus rose to 21. As the pandemic continues to surge globally, the Canadian Olympic Committee has announced it won't send a team to Tokyo unless the Summer Games, which are scheduled to start on July 24, are pushed back by a year.Meanwhile, the federal government's 30-million-dollar multi-media ad campaign to advise Canadians about how to help prevent the spread of COVID-19 begins today.
While the government may have extended the 2019 personal tax filing general deadline from April 30 to June 1, 2020 as result of the COVID-19 pandemic, Canadians expecting a tax refund may wish to file as soon as possible to get any much-needed cash owed to them by the Canada Revenue Agency (CRA).
Expecting a refund?
A tax refund typically arises when the amount of tax owing on your return is less than the amount of tax withheld from your income during the year. Employment income is the most common type of income from which tax is deducted at source and thus employees are most often the ones who get significant tax refunds each year.
COMMENTARY: Empty shelves send dangerous signal amid coronavirus crisis
What will help assure the public is not more announcements about the safety of our supply chains, says Darrell Bricker, but smarter behaviours from retailers. This includes online resellers. Now is the time to put in place some subtle rationing initiatives.There’s no need to make a big deal about it, which could create additional panic. Just do what most retailers commonly do for a sale: limit the number of items available to each customer. We are used to policies like this, so it’s not out of the ordinary. For online resellers, keep a closer eye on what’s being sold on your site and quickly eliminate the predators.
The amount of tax withheld by your employer is generally calculated by taking into account various credits to which you are entitled but without taking into account various deductions often claimed on your tax return. If you made an RRSP contribution (other than via payroll deduction), incurred deductible child-care expenses, made spousal support payments, or paid interest on money borrowed for investment or business purposes, you could find yourself with a refund this tax season.
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Conservatives suspend party's leadership race in face of COVID-19 crisis
OTTAWA — The Conservative party is suspending its leadership race in the face of the ongoing crisis caused by COVID-19. The party says it's no longer possible to meet the deadlines to process memberships and donations, and handle the ballots for the scheduled June 27 election. No new date has been set. The party says it will re-evaluate the decision on May 1. Pressure had been mounting for days on the organizers to hit pause on the contest. Demands the race be delayed came from two candidates on the ballot — Erin O'Toole and Derek Sloan — as well as dozens of high-profile Conservatives and grassroots members.
The CRA is continuing to process returns throughout the COVID-19 pandemic and is encouraging Canadians to file their returns electronically and “as early as possible before June 1, 2020, to make sure your benefits and credits are not interrupted.” This is particularly important if you are receiving income-tested benefits, such as the GST/HST Credit or the Canada Child Benefit. The payments for the 2020-21 program year are based on the prior year’s return and are set to begin in July 2020.
As of March 9, 2020, the CRA had received nearly four million personal tax returns, with 92.5 per cent of them filed electronically. Nearly 90 per cent of the 3.4 million processed returns to date had either no balance owing or a refund, with the average refund being $1,820.
If you are not yet registered for direct deposit, the CRA is recommending you to do so using the . Direct deposit is the “fastest and most reliable way” to get government benefit and credit payments. Of the nearly $4.7 billion in refunds paid to date, 85 per cent of them have been paid via direct deposit.
The latest developments on COVID-19 in Canada
The latest news on the COVID-19 global pandemic (all times Eastern): 12:45 a.m. The Victoria Police Department's patrol officers paid tribute to hospital staff with a 15-car salute Thursday. A news release says officers began their night shift by visiting the Royal Jubilee Hospital to acknowledge the health care workers during the COVID-19 pandemic. A full watch of patrol officers circled the Royal Jubilee Hospital in their police cars with their lights activated around 7 p.m.The officers got out of their vehicles outside the emergency room bay and took a moment to clap and celebrate the work of hospital staff and health care workers.
With the outbreak of COVID-19, taxpayers are encouraged to file their 2019 tax returns electronically. Both individuals and registered tax preparers can access copies of most 2019 tax slips (T4s, T5s, RRSP contribution slips, etc.) remotely using the CRA’sfeature to download tax information into professional tax preparation software. A full list of . Some of the software is completely free, while some paid tax software provides free offerings based on individual tax situations or income levels.
If you generally get your return prepared by a third party, the CRA announced measures to reduce the necessity for taxpayers and tax preparers to meet in person during this difficult time and to reduce administrative burden. The CRA is now recognizing electronic signatures as having met the signature requirements of the Income Tax Act, as a “temporary administrative measure.” This administrative relief will apply to the authorization on CRA, which is the form that is usually signed in-person by millions of Canadians every year to authorize tax preparers to EFILE taxes.
If you owe money on your 2019 tax return, you have until Sept. 1, 2020 to pay, which is four months later than the usual April 30 deadline. This means you will not be assessed any penalties or interest if your balance due is paid by Sept. 1, 2020.
Finally, if you pay tax by instalments, you now have until Sept. 1, 2020 to pay your June 2020 quarterly personal tax instalment. The government has confirmed that neither interest nor penalties will accumulate from March 18, 2020 to Sept. 1.
Jamie Golombek, CPA, CA, CFP, CLU, TEP is the Managing Director, Tax & Estate Planning with CIBC Private Wealth Management in Toronto.
Covid-19 Kendji worried about his family in the midst of a health crisis ... .
Once again, Kendji expressed his concern about the spread in France of Covid-19. © FRANCE 2 Covid-19 Kendji worried about his family in the middle of a health crisis ... A few days ago, Kendji sent a video message to the nursing staff at the nursing home where his grandmother is staying. "Hello everyone, I am making a short video for the retirement home in La Madeleine, where my grandmother is also. I wanted to thank all the staff because it is very important.