We are almost in the tax filing season and as it is with everything it pays to plan ahead. So here I am to remind you of the deadlines for 2020 Tax Season. If you need help with tax filing please feel free to contact us and we will be glad to work with you on it.
Not Self Employed
If you and your spouse are employed and do not have self employed income, then your tax return and taxes owing (if any) are both due April 30, 2020.
If you and your spouse earned self employment income in 2019 then your tax return is due on June 15, 2020. However if you have tax owing for 2019, the payment is due on April 30, 2020 and interest will start to accrue from that date.
So it is advised to file your taxes before April 30, 2020 to avoid any interest. If you are not able to gather your information by then, it is recommended to make an advance payment to avoid interest.
RRSP Contribution Deadline
You can contribute to your RRSP until March 2, 2020 for 2019 tax year. It is advisable to review your tax situation and if you are paying higher taxes and will like to reduce it, contribute in your RRSP to max out the contribution limit.
Corporate Tax Deadline
Corporate tax return filing are due 6 month after the fiscal year end. So for example if your fiscal year end is Aug 31st, your tax return is due on Feb 28th.
So yeah, keep those deadlines in mind and file away! If you need help with filing your tax returns please reach out to us. You will get professional and timely service for half the cost!
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