SHARE ON: |
| |
| |
 |
 |
|
|
As millions of Canadians prepare to file their taxes this spring following unusual year, it’s proving to be a trickier tax season than normal.
“This is a more difficult year, in terms of tax filing,” Jamie Golombek, managing director of tax and estate planning at CIBC Wealth Advisory Service, told CTV News.
Tax experts HR Block recently found one out of every three Canadians are dreading this tax season more than usual. A third of those surveyed reported not knowing how a reduction in income would affect their tax returns, and almost a fifth said they did not have the money to pay what they might owe in taxes this year.
This year, millions of Canadians will have to include emergency government benefits in their tax filings. For instance, if you received support from programs such as the 2,000 a month Canadian Emergency Response Benefit (CERB), those have to be reported.
“That is of course taxable, so you do have to report that on your tax return, and you may find that in fact you have some taxes owing,” Silvia Jacinto, tax partner at Crowe Soberman LLP, told CTV News.
There will be some flexibility for Canadians who took the biggest financial hit. Those who received COVID-19 benefits and earned less than 75,000 last year won’t pay interest on any taxes owed for another year.
Meanwhile, for those working from home during the pandemic, there are tax considerations for your work-related expenses, including an option to deduct two dollars for every day worked from home, up to a maximum of 200 days or 400.
If you think your expenses to work from home were higher than that, you’ll need to coordinate with your employer.
“If you’re a renter, adding up the rental expenses, utilities, and then prorating it by the workspace you use, the number of hours, if it’s a shared space, and then calculating that percentage,” Golombek explained. “You do need to get that signed form, that T2200 from your employer. That could be a better option.”
For those Canadians who jumped into the gig economy during the pandemic, there are tax ramifications as these people might be filing as self-employed for the first time.
While the deadline for most people to file taxes is April 30, self-employed Canadians have until mid-June.
Experts also say to keep an eye out for any tax credits you might qualify for, such as digital subscriptions for Canadian news.
Last year, roughly 90 per cent of tax returns were filed online and the CRA is encouraging Canadians to use those resources again, as filers receive refunds faster, while remaining physically distanced.
|
 |
|
 |
|
 |
|
 |
11 pm |
| 12 ℃ |
| SCATTERED CLOUDS |
WIND: SE 30 KM/H
GUSTING TO 59 KM/H |
|
|
 |
12 am |
| 12 ℃ |
| FEW CLOUDS |
WIND: SSE 33 KM/H
GUSTING TO 63 KM/H |
|
|
|
1 am |
| 12 ℃ |
| SCATTERED CLOUDS |
WIND: SSE 33 KM/H
GUSTING TO 64 KM/H |
|
|
 |
2 am |
| 11 ℃ |
| BROKEN CLOUDS |
WIND: SSE 32 KM/H
GUSTING TO 63 KM/H |
|
|
|
3 am |
| 11 ℃ |
| BROKEN CLOUDS |
WIND: SSE 33 KM/H
GUSTING TO 65 KM/H |
|
|
|
4 am |
| 12 ℃ |
| BROKEN CLOUDS |
WIND: SSE 30 KM/H
GUSTING TO 57 KM/H |
|
|
|
5 am |
| 10 ℃ |
| OVERCAST CLOUDS |
WIND: SSE 27 KM/H
GUSTING TO 50 KM/H |
|
|
 |
6 am |
| 9 ℃ |
| OVERCAST CLOUDS |
WIND: SSE 27 KM/H
GUSTING TO 49 KM/H |
|
|
|
 |
TODAY |
HIGH OF 21 ℃
LOW OF 1 ℃ |
| FEW CLOUDS |
|
|
 |
MONDAY |
HIGH OF 24 ℃
LOW OF 9 ℃ |
| LIGHT RAIN |
|
|
 |
TUESDAY |
HIGH OF 21 ℃
LOW OF 9 ℃ |
| CLEAR SKY |
|
|
 |
WEDNESDAY |
HIGH OF 27 ℃
LOW OF 12 ℃ |
| SCATTERED CLOUDS |
|
|
|
THURSDAY |
HIGH OF 27 ℃
LOW OF 18 ℃ |
| OVERCAST CLOUDS |
|
|
|
FRIDAY |
HIGH OF 24 ℃
LOW OF 13 ℃ |
| MODERATE RAIN |
|
|
|
SATURDAY |
HIGH OF 24 ℃
LOW OF 15 ℃ |
| LIGHT RAIN |
|
|
|
SUNDAY |
HIGH OF 15 ℃
LOW OF 4 ℃ |
| LIGHT RAIN |
|
|
|
|
|
 |
 |
|
| NordVPN Mothers Day Sale - Save Up to 75% Off! |
| |
| Give the gift of online security this Mother’s Day with NordVPN. Save up to 75% on fast, secure, and private internet protection. |
| |
| Marketplace Deal Campaign:May 5, 2026 To May 13, 2026 |
|
 |
|
 |
|
|
 |
 |
SHINEDOWN
THREE SIX FIVE
11:47 PM |
|
 |
PUDDLE OF MUDD
BEAUTIMOUS
11:42 PM |
|
 |
I SEE STARS
LOST IT
11:37 PM |
|
 |
THE SCORE
DONT NEED A HERO
11:34 PM |
|
 |
MEMPHIS MAY FIRE
INFECTION
11:31 PM |
|
 |
FALL OUT BOY
SO MUCH
11:28 PM |
|
 |
ESCAPE THE FATE
LEGEND
11:24 PM |
|
 |
WESTCREEK
LET ME BLEED
11:21 PM |
|
 |
PLAIINS
SPORTS BAR
11:18 PM |
|
 |
FEED THE SHARKS
HERE
11:12 PM |
|
 
 |
