March 19, 2021
Please remember that 2020 personal taxes need to be filed by April 30th, and 2020 personal tax returns for self-employed individuals are due June 15th. You can submit your personal tax documents to us through our secure online portal here, or by dropping them through the mail slot in the door at our office. Personal Tax Items In preparation of submitting your tax documents for your 2020 income tax returns, here are some tips to help ensure you have captured expenses that can often be missed, and to increase the expediency of the completion of your tax return. Medical receipts and invoices
Your pharmacy can provide you with a summary of your prescription purchases for the year. This is a great way to ensure that all receipts are accounted for to maximize your medical expenses tax credit.
Similarly, if you have an extended health benefits plan which you submit medical expenses to for reimbursement, with most providers you should be able to request or download a statement from them, which outlines the total and each of your claims, the amount you were reimbursed, and the difference you paid out of pocket. Again, this helps ensure you capture all out-of-pocket medical expenses, and that you do not accidentally duplicate an expense claim.
If you do submit paper records for medical expenses, if you remove staples and credit/debit card receipts from them, we will be able to scan them for you. This may be helpful for you, should the CRA request these as part of a post-assessment review.
Sending electronic documents
Submitting your tax documents electronically can be quick and can allow you to avoid unnecessary trips to our office to drop off your paperwork. There are a number of free apps available that can help you scan your paperwork and combine it into a single PDF file, which is the format we prefer to receive in order to avoid any delays in processing, should we need to convert other file formats that we receive. PDF scanning apps can be found by searching “PDF Scanner” in your app store.
If you are sending us T4’s or other slips or statements electronically that are password protected, please either provide us with the password or remove the password. We understand and emphasize the importance of maintaining confidentiality with all records, and so we have a secure and encrypted online portal here through which you can upload all of your tax documents, without the need for password protection.
If you are unable to submit your documents electronically and need to come to our office to do so, please ensure you have read our COVID-19 protocols in advance. Here is a link to our prior email outlining these protocols. We appreciate your continued trust in us to prepare your personal tax returns, and we always enjoy the opportunity that comes with tax season to connect with so many of you! Business Clients Business Benefits Finder If you have a business that has been and/or continues to be impacted by COVID-19, and are finding it overwhelming to keep up with the various COVID-19 supports that are offered by the government, there is a helpful tool through the Government of Canada that you can access by clicking here. BC Small and Medium Sized Business Recovery Grant If you have a BC business and have experienced a 30% revenue loss from March 2020 to now, when compared to the same one-month period in 2019, you may be eligible for grant amounts between $10,000 and $30,000, depending on your pre-COVID annual revenue. Funding is intended to be used for recovery action plans, which may include new product or service offerings, hiring a BC based online marketing service, or paying for your rent/lease or other fixed costs. Further information about the grant program, eligibility, and the application process can be found here. BC Launch Online Grant Program If you have a BC-based business and do not have an online store or online booking system and are looking to develop these capabilities further, the BC Government has a grant program available that may help cover up to 75% of development costs, including online advertising and SEO. More information, including eligibility criteria to see if you may be eligible for the grant, can be found here. Please note that if you need any assistance with looking at ways to optimize your profitability, cash flow, or operations, or with budgeting or setting key performance indicators (KPI’s), this is something that Raincoast Business Advisors can help with. If you are interested in help in this area, please let us know and we will reach out to discuss your specific situation and next steps.
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