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RRIF is a retirement plan registered with CRA. Registered Retirement Income Fund minimum withdrawals amount Don’t report these benefits on your 2020 income tax return since GST/HST credits are non-taxable. The maximum increase was $886 for individuals and $1160 for families living married or common-law. The increased payment depended on the income and the original benefit payments. You needed to file your 2019 tax return to receive payments in October 2020 and onwards.ĬRA offered a one-time increase in the payment and issued it automatically to individuals who were already receiving the GST/HST credit. Similar to the CCB extension, CRA extended the 2019 GST/HST benefits payments until September 2020 if you had filed your 2018 income tax return. The Goods and Services Tax/ Harmonized Tax Credit is a tax-free quarterly payment to individuals or families with low income. Goods and Services Tax/ Harmonized Sales Tax GST/HST credit Parents with shared custody who share the base CCB payments will share the increased payment. You are not required to report this income in your 2020 tax return. Individuals were able to apply for up to $300 per child (max applications for two children per family). In the following tax years, the deadlines and payments will go back to the original schedule.ĬRA offered a one-time increase in the CCB payments in May 2020 for those who received CCB in April 2020. You still have to submit your 2019 income tax return if you wish to receive the CCB after September 2020. If you haven’t submitted one for 2019, the payments will be assessed based on your 2018 income. Ideally, you and your spouse/common-law partner have to submit your income tax returns every year to assess your eligibility for the CCB. Since CRA has extended the deadline for filing the 2019 income tax return, they also extended the CCB payments until September 2020.
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Updating existing Benefits Canada Child Benefit (CCB)Ĭanada Child Benefit is a tax–free monthly payment paid to families to help with the expenses of raising a child.
Canada revenue agency refund update#
There has been an update from Revenu Quebec, regarding interest & penalty deferral for their residents, please click here to learn more. There has been recent announcement from the Federal Government regarding interest relief for those that have received COVID related benefits, this link will explain it all.
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Visit the CRA link for more deadline updates. For 2020 and following tax years, the deadline will go back to April 30 th for individuals, and taxes owed will be due on the same date. Any tax owed had to be paid by September 30 th. For the 2019 tax returns, the deadline was extended to June 1 st, 2020 for individuals and remained on June 15 th, 2020 for self-employed. The deadline for filing a tax return is April 30 th after the fiscal period (Jan 1 st – Dec 31 st). They even updated existing benefits to provide more for those who need it. The agency offered benefits to Canadian employees, business owners, seniors, and families. Shares 2 TurboTax wants to ensure accuracy with the information we have provided in this article, all content will be updated as we learn more from the Canada Revenue Agency and the Government of Canada.Ĭanada Revenue Agency (CRA) was quick to respond to the COVID-19 pandemic in 2020.