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;
“This is the Canadian Tax Podcast, Episode # 012, hosted by me, Cameron Ware. Good morning”
- “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.
[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.
[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.
ITEM  –
- 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
- 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.
This is Canadian Tax Podcast, thanks for listening.