June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

Nearly 56% of Canadians have yet to file their tax returns, according to CRA’s April 12 processing statistics,  so there is a lot of work left to do for the tax filing community.  We’re also seeing some new trends:  with over 13 million returns processed, average refund are down and so are average balances owing.

Be sure to ask your self-employed clients for the details behind all the new tax provisions they may need to address on their 2020 tax returns. Here are seven issues you will want to discuss:

It’s official: Canada’s most innovative virtual conference for leading tax, accounting and financial professionals is coming back in an enhanced interactive online format for a second year, for an even more outstanding professional education experience! We are proud to unveil Virtual DAC Acuity 2021, our speakers and sponsors, and an incredible enrolment opportunity until April 15 – you save $1000!

Have you graduated from a Knowledge Bureau Course, CE Summit, DAC or Program?  If so, we have some exciting news. Starting April 15, you will receive VIP tuition fee reductions with every course, program, CE Summit or DAC with your special VIP status as a Knowledge Bureau Grad. The more credentials you have, the more you’ll save!

Is post-retirement planning on the minds of your high net worth clients today? Chances are yes, and now more than ever with a pending federal budget that may introduce a guaranteed income for some, and wealth taxes for others.  There are three key reasons to initiate planning conversations early, and Knowledge Bureau’s May 20 CE Summit will provide answers, guidance and materials to help you.

Several provinces have already introduced their 2021 provincial budgets, and today we're providing a round-up of what has been announced so far. Notably, the British Columbia budget will be released until April 20; and Newfoundland has not yet announced its budget date. More details on the April 6 Saskatchewan Budget and the April 7 Manitoba Budget appear below: