Putting all of us to a series of trials, 2020 was trying. But kudos to everyone who has risen to the occasion with grits. As the perks of home gym and office grow on many of us, the CRA has also adapted to moving all our taxes online. Unlike a year ago, when the strike of the pandemic caught us completely off guard, we are prepared and accustomed to managing our work, life, and taxes remotely in 2021. Predicated on such readiness, the CRA will not extend the usual deadlines, and late filing will subject you to penalties and interests.
To help you stay alert, we have listed all the important dates throughout this tax season in chronological order:
January 22, 2021
E-file service is closed for maintenance.
February 24, 2021
E-file service opens for Canadian residents for 2020 tax year.
February 28, 2021
For all employers, this is the last day to issue T4s, T4As, T5018 T5s, T2200 and T2200S to both employees and the CRA
Most corporations, not including CCPCs, whose fiscal years end in December, must file their annual returns and remit balance due on or before March 31, 2021.
March 1, 2021
RRSP is a surefire way to reduce personal income tax. Remember to contribute your given room to your or your spousal RRSP accounts on or before March 1st.
March 15, 2021
You must file an annual return and pay EHT (Employer Health Tax) on or before March 15th of the following calendar year; however, if your remuneration is $1,200,000 or less, you do not have to remit monthly installments. On the other hand, if your remuneration is greater than $1,200,000, you must remit monthly installments and file an annual return on or before this date.
March 31, 2021
All CCPCs (Canadian controlled private corporations), whose fiscal years end in December, must file their annual returns and remit balance due on or before March 31, 2021.
WSIB annual reconciliation is due on or before March 31, 2021.
April 15, 2021
This is the last day to file 2020 personal income tax returns in the U.S. and pay the balance due, if any, to the IRS.
April 30, 2021
This is the last day to file 2020 personal income tax returns in Canada and pay the balance due, if any, to the CRA.
June 15, 2021
This is the last day to file 2020 tax returns for self-employed incomes. In case of the balance owing for 2020, it needs to be paid before April 30th, 2021.
June 30, 2021
All corporations, whose fiscal years end in December, must file their annual returns by this date.
Please go to your bookkeeper at your earliest convenience and ready all necessary documents on time.