• Kelvin Leung, CPA, CMA

2020 Personal Tax Reminders and Resources

Updated: Mar 9



It's that time of year again! Welcome to the 2020 Personal Tax Season. There is a lot of information to remember for tax time. The team at Clearly Financials would like to share some resources and reminders to help individuals and families in our local Edmonton community prepare for their 2020 personal taxes.


What's New?


Working from home?

Read our Working from Home (WFH) post for valuable tips


Received COVID-19 Aid?

Read our Tax Implications for COVID-19 Aid Recipients post for valuable tips



Relatively New (2019 Updates)


Climate Action Incentive

Residents of Alberta (as of December 31, 2020) may be eligible to receive the Climate Action Incentive.

Basic Amount $490

Spouse or common-law partner amount $245

Qualified dependant amount $123

Single parent's qualified dependant amount $245



Canada Training Credit

Starting in 2019, If you met certain conditions, you may have qualified to accumulate $250 per year (maximum of $5,000 per lifetime) to be used to calculate your Canada Training Credit. This credit may be used if you attend an educational institution in Canada, for a value of up to 50% of your eligible tuition.



Home Buyer’s Plan (HBP)

The maximum amount that you can withdraw from your registered retirement savings plan (RRSP) under the HBP increased to $35,000 for withdrawals made after March 19, 2019.


The HBP is now available to individuals who experienced a breakdown in their marriage or common-law partnership.


Reminders


Eliminated Credits

The child fitness, child arts, and public transit tax credits are no longer available.

The Federal Education and Textbook credits have also been eliminated. Existing credits may still be used or carried forward.


Unclaimed CRA Cheques

Setup your CRA “My Account” to look for unclaimed CRA cheques. The “uncashed cheques” link may be found in other “related services.”


Disposition of Principal Residence

Starting with 2016 tax returns, the CRA requires taxpayers to report the sale of their principal residence. This applies even if there was no gain on the property. It is very important to let our office know if you disposed of any real estate.

Clearly Financials Resources


2021 Personal Tax Rate Guide

Click here for a free copy of our updated 2021 Tax Guide. This valuable guide lists out the tax brackets for Alberta and is full of useful tax information.


Spreadsheet Templates

Visit our resources page for spreadsheet templates.

· Business activities summary

· Rental income summary

· Mile log sample Excel template


PDF Checklists

Our resources page has PDF tax checklists.

· Personal Tax Checklist – If you prefer to print out a copy rather than using our online form.

· Detailed personal tax checklist

Canada Revenue Agency (CRA) Administrative Updates

CRA Processing Times

Click here to view CRA processing times.


CRA Telephone Numbers

Please note that telephone wait times have been extremely long so far in 2021. We recommend that you use your CRA My Account” rather than calling the CRA if possible.


Individual Inquiries: 1-800-959-8281

Businesses Inquiries: 1-800-959-5525

COVID-19 Benefit Program Inquiries: 1-833-966-2099


Click here for the CRA’s Contact Page.



In Closing

We understand that these are challenging times for many individuals and families in Edmonton. We are working diligently at Clearly Financials to support our local communities through these unprecedented changes.


Realize that you are not alone, that we are in this together and most importantly that there is hope.

Follow us on Facebook for updates.

Clearly Financials Chartered Professional Accountants. Cloud-Based Accounting and Taxation Solutions for you and your small business.

Clearly Financials offers Smart Accounting and corporate tax services to small businesses in Edmonton, AB. We provide a full suite of services including: Bookkeeping, Payroll, GST filing, Notice to Reader Financial Statements, and Corporate Tax Returns.


We enjoy helping small business owners get setup and hit the ground running. We offer Business Foundation Services which include business plan creation and business structure selection (e.g. to incorporate a business, or operate as a sole-proprietor).


Our Business Performance Management services help small business owners grow their companies, and their profits through goal-setting, budgeting and forecasting.


Our office is located in Old Strathcona in Edmonton, Alberta.

Book an appointment today through our convenient online scheduler.

Disclaimer

This is a summarized version of complex matters that are rapidly changing. The preceding information is provided for general, educational purposes only. Speak with one of our team members if you have any questions about your specific accounting or tax situation.