The 2020 tax season has officially begun. For those preparing to file their individual income tax and benefits returns, e-filing is now available. To assist you in this process, we’ve put together a handy checklist:
- Work-from-Home Expenses: If you’ve been working from home in 2020, remember to request the T2200 or T2200s form from your employer. This will allow you to claim relevant expenses.
- COVID-19 Assistance Payments: The Canada Revenue Agency (CRA) has distributed T4As for various COVID-19 related financial aids.
- Unincorporated Business Owners: If you operate an unincorporated business, such as a sole proprietorship, be aware that the forgivable portion of the CEBA loan should be reported as income.
- Filing Timeline: We advise waiting until March 02, 2021, to file your 2020 tax returns. However, if you’ve received all necessary documents before this date, you can proceed earlier.
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