Canadian Tax Podcast for the week of May 10th, 2021. This week we cover:
- No post-tax season filing extensions;
- Represent A Client broke;
- Covid benefits tied to 2020 T1 filing;
- Personal Services Business (PSB) myths;
- Contractors: How to fill out the W8-BEN-E form;
- Dual Citzen (US/CAN) filings;
[INTRO]:
“This is the Canadian Tax Podcast, Episode # 012, hosted by me, Cameron Ware. Good morning”
[NEWS SECTION]
- “Happy Monday, it is the week of May 10, 2021. For all the accountants out there, I hope you all got to enjoy a bit of a post tax-season break. Everyone at my office was away last week on our usual post-tax season break, but CTP is back at it like usual this week. We’ll start with the news.
[ITEM 1] – NO EXTENSIONS
- No extensions formally granted by CRA.
- Rev QC did grant indirect relief.
- Why care? Many, many firms and people will just file incomplete as-is stuff, and then amend after the fact.
- Bureaucratic processing nightmare.
- https://www.ctvnews.ca/health/coronavirus/accountants-politicians-call-on-canada-revenue-agency-to-delay-income-tax-deadline-1.5405056
[ITEM 2] – CRA REP A CLIENT BROKEN
- Once again CRA experiences technical glitches
- Speaking with colleagues, efile and Rep A Client were down on both the 29th and 30th.
- No extensions given.
- https://globalnews.ca/news/7821924/cra-website-down-tax-filing/
[ITEM 3] – CRA “HELPFUL” release
- CRA released another one of their “helpful” blog releases.
- Usual fluff, but do cover a major point that your Covid benefits are tied to your tax filings.
- Not tied to your service Canada / EI system.
- https://www.canada.ca/en/revenue-agency/news/2021/05/three-good-reasons-to-file-your-tax-return–even-though-the-deadline-has-already-passed.html
ITEM [4] –
QUESTIONS
- PSB Query
- Not sure why the internet is so awful at answering this, but get it together people.
- Standard answer:
- Ref 1392644 Ontario
- W-8BEN-E Query
- Client needed to file a “W8-BEN-E” and was wondering what it is.
- IRS disclosure form for payments made to non-residents.
- How to fill it out:
- Dual Citizen (US/CAN) filings
- [quote]
- Your question actually misses things completely.
- You’re American. The US “is the centre of the world”, therefore play by US rules.
- You need to file US returns every year.
- If you’re Canadian resident, need to file Canadian stuff too.
OUTRO
That will wrap things up for today. Like always, if you have any questions, send them to questions@canadiantaxpodcast.ca, or find us on twitter: https://twitter.com/cdntaxpodcast
This is Canadian Tax Podcast, thanks for listening.
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