There are some important deadlines in the next couple of months that we want you to be aware of.
My Business Account
If you have not yet created a My Business Account, we encourage you do so through the CRA website. It is a way to access your accounts securely and have up to the minute information on your accounts and services.
Canada Emergency Wage Subsidy (CEWS)
If you have seen a drop in revenue due to the COVID-19 pandemic, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. The subsidy has been extended to June 2021
• The deadline to apply is January 31, 2021 or 180 days after the end of the claim period, whichever comes later
• Period 10: November 22 to December 19, 2020 – last day to apply is June 17, 2021
• Period 11: December 20 to January 16, 2021 – earliest you can apply is January 17, 2021
Reporting the 10% Temporary Wage Subsidy to CRA
If you were eligible and received the 10% Wage Subsidy you are required to complete a PD27 form for each payroll account. CRA will use the information from your form to reconcile the Temporary Wage Subsidy on your payroll accounts.
You can upload these forms through your My Business Account or you can mail or fax them. These need to be submitted before you submit your T4’s for 2020.
Filing T4’s and T5’s for 2020
Email reminders will be sent out shortly for those who we process on your behalf.
Internet filing is available on January 11, 2021 – deadline for submitting is February 28, 2021.
Employer Health Tax (EHT)
As per the Ontario Ministry of Finance website, The Ontario government has increased the EHT exemption for 2020 from $490,000 to $1 million due to the special circumstances caused by the coronavirus (COVID-19) in Ontario. In the 2020 Ontario Budget, the government announced it was making the EHT payroll exemption increase permanent.
Annual returns are due March 15, 2021 of the following calendar year.
Personal Income Tax Returns
The tax filing deadline for the 2020 tax year is April 30, 2021. For those who are self-employed, or have a spouse/partner who is self-employed, the deadline extends until June 15, 2021.
Reminders will be sent out the last week in March with a checklist of what we require.
Home Office Expenses Deduction
Employees who worked from home more than 50% of the time over a period of a least four consecutive weeks in 2020 due to COVID-19 will be eligible to claim the home office expenses deduction for 2020. Employers are not required to complete the form T2200S for this deduction.
We are here to support your business! If you have any questions or need assistance, please contact us.