Tax Season 2021

March 1, 2021 – April 30, 2021 at 11:59:59pm (“midnight”)

2020 was a year like we’ve never seen before. The Coronavirus, Covid-19, disrupted the economy in Canada and throughout the world. People were ordered to stay home and not leave the house. All businesses, except essential services, were closed. 2021 promises to offer ubiquitous challenges. Canada has moved from the all-encompassing Canadian Economic Response Benefit (CERB) to a more selective approach to aid via Employment Insurance (EI).

There are benefits to the switch to EI. The change allows the self-employed to be enrolled in and pay into an Employment Insurance plan that will offer some financial relief should an insurable event occur. This is a welcome platform during the coronavirus.

We expect the 2020 presidential election will stir the stock market a bit. A short-run spike can be expected, but be very cautious. The spike will fizzle out quickly. This is not the first global pandemic to disrupt the world. There will be peaks and valleys as we try seek any sort of relief.

Interest rates dipped during 2020. We expect the dip in housing prices will lure many into making efforts to purchase their dream home. Be careful. Historically, interest rates rose considerably after global medical and social disruption. It was 1968 that started the economic ball rolling towards the 25% mortgage interest rates of the 1980s.

Taxes 2021

Let’s get to the nitty gritty on those income taxes. Tax season runs from late February to April, 2021. It is *always* best to get your taxes filed as close to the beginning as possible. The deadline for submission of taxes was elongated during 2020. We expect all deadlines to return to their normal for 2021. We will, of course, update you if CRA decides to elongate the any deadlines.

*sage advice* Don’t leave it to the last minute. It is important to leave a little extra time just in case there are questions for which you need to dig to find answers. It happens. Every year, it happens.

So – where and how do you get started?

The Easiest Route
1. Call CityCat at 250-592-1313
2. Sign to Authorize CityCat at Level 2 on a T1013 (Greek lingo for “Authorization to Represent”)
3. Sign a T183 (more Greek lingo meaning “submit via efile for me”)

That’s it. You’re done. No more steps to follow. You can relax and wait 2 weeks before your pockets are potentially filled with mega-bucks. Easy, right? It’s the easiest.

BUT… What if you haven’t filed 2020, 2019 or 2018 yet? 2017? Or 2016? Or any other year…. We can help. Give us a shout and we will get you caught up.