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Unincorporated business owners, including gig workers, have until Tuesday June 15 to file their T1 returns without penalty. The government has made it clear that late filing penalties will be applied this year; that happens when you have a balance due as of the filing due date. However, will there be flexibility on interest charges? Yes, but not in every case and business owners must pay attention to this.
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!