February is the time to collect your income tax receipts and to speak with the dedicated team at Canwest Accounting to do your tax planning before the March 1 deadline for investing in RRSPs. Also, starting February 22, we can file your tax return for you so you can receive your tax refund right away. According to Sharlane Bailey, owner of Canwest Accounting, clients have already started submitting their tax receipts. Over the next several weeks, you should collect your tax receipts and get them to Canwest Accounting before April 16 for us to file your income tax return by the April 30 deadline. Self-employed tax filers have until June 15, 2021, to file their returns, but any taxes owed are still due by April 30.
Keep a look out for and collect the following receipts:
- T4 – usually out by the end of February
- T4A – if collecting the CERB, EI, pension or other income
- RRSP receipts (for investments made until March 1, 2021)
- Donation receipts
- Medical and dental expenses
- Daycare receipts
- Tuition receipts (which can usually be downloaded from the school’s website)
- Worksafe BC T5007 and letter (if applicable)
- Receipts for any other sources of income during 2020
Those who needed to work from home in 2020 for at least 50% of the week during a minimum of four consecutive weeks due to the pandemic may also claim a tax credit of up to $400 for home office space. The calculation is $2 per day worked from home for up to 200 days per individual. See the full details for the home office expenses for employees tax credit.
The team at Canwest Accounting continues to help our clients with filing federal emergency wage subsidy forms, taking care of the accounting side of this.
To have the exceptional team at Canwest Accounting save you time and money by answering your questions, doing your bookkeeping, completing and filing forms for subsidy programs, or preparing your tax return, call or email us. Our offices in Victoria and Langford are still closed to the public to keep everyone safe during the COVID-19 pandemic, but we have a pickup and drop off service that is very convenient.
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.