What’s new for 2020?
Softron Tax Blog
by surjit
3y ago
Covid Benefits: During the year, you may have received government COVID-19 support payments such as the Canada Emergency Response benefits. If these amounts are taxable, you will have received an information slip, such as a T4A or T4E, with instructions for how to report these amounts. If you are self-employed, you may have received government COVID-19 assistance, such as the Canada Emergency Wage Subsidy. You have to either include these amounts in income or reduce your expenses by the amounts that you received. You may also have received a government loan. The loan itself is not taxable, bu ..read more
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Here are the important dates you need to know regarding recent changes
Softron Tax Blog
by surjit
4y ago
Individuals : Federal & Quebec Filing Deadline: June 1, 2020 Payment Due Date: September 1, 2020 Self-employed Filing Deadline: June 15, 2020 Payment Due Date: September 1, 2020 Trusts with a tax year end of Dec 31, 2019 Filing Deadline: May 1, 2020 Payment Due Date: September 1, 2020 Corporations Federal & Quebec with a filing due date after March 18 and before June 1 Filing Deadline: June 1, 2020 Payment Due Date: September 1, 2020 Alberta 6 months after year-end Payment Due Date: August 31 Canadians with US tax filing Filing Deadline: July 15 ..read more
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COVID-19 Update
Softron Tax Blog
by Tim
4y ago
Some locations days and hours of operation may have changed due to the cornavirus. Please call ahead to verify the location’s hours. Some locations are offering a drop off service, where you can drop off your taxes and pick them up at a later time ..read more
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Tax changes and other changes
Softron Tax Blog
by surjit
4y ago
Enhanced Canada Pension Plan/Quebec Pension Plan Individuals and families Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2019, the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) are being gradually enhanced. This means that if you contribute to either the CPP or the QPP, you will receive improved benefits in exchange for making higher contributions. You can claim a deduction for your enhanced contributions to the CPP or QPP. Canada Training Credit Limit As of January 1, 2019, if you meet certain conditions, you will be able to accumulate $250 per ..read more
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Filed Your Return? Here’s What You Need to Know
Softron Tax Blog
by taj1
5y ago
With taxes due on April 30th at midnight, many Canadians have already filed their taxes and are ready to make any payments for balances owing to the CRA for the 2018 tax year. Here is some information that you need to know if you have already filed your return. Getting a Refund If you overpaid your taxes, you will be entitled to a refund! If you are receiving a refund then you can expect it in 2 weeks when you file online and 8 weeks when you file through mail. If you are set up for direct deposit you can receive your refund faster. If you have overpaid your taxes and have not received yo ..read more
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Ontario Budget 2019
Softron Tax Blog
by taj1
5y ago
Premier Doug Ford’s government released their first provincial budget today along with a new license plate and slogan for Ontario citing “A PLACE TO GROW”. The government has offered new tax credits, less regulations, cuts to government programs, and a new transit plan. Here’s some of the main points discussed in Ontario’s 2019 budget. CARE Tax Credit The Childcare Access and Relief from Expenses (CARE) tax credit will be introduced in Ontario to provide support for low income families in paying their childcare expenses. Families can receive up to $6000 per child under age 7, up to $3750 ..read more
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Sound Too Good to Be True? It May Be a Tax Scheme
Softron Tax Blog
by taj1
5y ago
Did you know that between 2006 and 2017, 75 tax scheme promoters were convicted of crimes relating to tax schemes. The total of fines resulting from these prosecutions amounted to a total of 7.15 million and resulted in a total of 936 months of jail time for those convicted. Tax schemes are promoted heavily during tax season and taxpayers need to have the facts regarding tax schemes in order to avoid them. What is a Tax Scheme? A tax scheme can be an individual or an organization that is deceiving a taxpayer into believing that they will be able to pay less taxes through unreasonably larg ..read more
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Federal Budget 2019
Softron Tax Blog
by taj1
5y ago
The 2019 federal budget has been released and the federal government is targeting investment in the middle class through many of the programs it is introducing. The expenditures in the budget aim to help young Canadians in gaining skills and purchasing homes. The total spending under the 2019 budget totals to $22.8 billion dollars. Here are some of the main areas the government will be targeting with the 2019 budget. Skills Training The government is introducing the Canada Training Benefit to help Canadians upgrade their skills in order to become more valuable to employers and competitiv ..read more
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