The deadline to contribute to RRSPS to reduce your taxable income for 2021 is March 1.
The Canadian Revenue Agency (CRA) will open its e-filing on February 21. It closed the 2020 tax year, filing this last Friday, January 28. Zhang said that the current shutdown would allow it to have a system upgrade. The business filing deadline is six months after the end of your fiscal year.
While the deadlines have returned to normal — unlike when they were extended two years ago at the start of the pandemic — Zhang said, “I don’t think we’re really 100% back to normal.”
People are still receiving benefits, some of which are taxable – and some of which are not. Anyone who received in the previous year needs to report that as part of their income if they are taxable.
The CRA is allowing some home office expenses for those who had to work from home because of the pandemic. The simple formula for that is two dollars a day. Last year the claim could be for up to 200 days, but now it can be claimed for 250 days, which means it now costs $500 instead of $400. But, those who were earlier claiming home office expenses can continue to do so.