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What's New by Month
January 2021
Due to the COVID-19 pandemic, there will be no revocations of farm status for the 2021 assessment roll. For future reference: There is no deadline for achieving gross annual value requirements for a developing farm, despite the "projected" date for doing this.
Basic Tax Calculator for 2021 and Earlier Years
Shows taxes payable, average and marginal tax rates for all provinces for employment/other income, capital gains, eligible and non-eligible Canadian dividends. Compare 6 years of taxes payable by province.
Investment Income Tax Calculators - All Provinces
See the big difference in taxes payable on different types of investment income. Print a 1 page summary of results with no ads, in colour.
2020/2021 Canadian Tax and RRSP Savings Calculator
This detailed calculator now includes political contribution tax credits. Check your 2020 tax return, do your 2021 tax planning!
Working From Home Expenses Calculators
Both CRA and Revenue Quebec have calculators to help you determine the best method to use for claiming home office expenses.
Bitcoin and Barter Transactions
These can result in taxable income, and in sales taxes collectible/payable. Gain on Bitcoin is also taxable.
When is CEWS Included in Income?
Both CEWS and the Canada Emergency Rent Subsidy (CERS) are included in taxable income immediately before the end of the qualifying period to which they relate. If not done, tax return amendments will be needed.
Disability Insurance Premiums Paid by a Business
These premiums are not deductible by a sole proprietor. They are deductible by an employer as wages expense, but are included as a taxable benefit to the employee.
CEWS Periods and Application Deadlines
The deadline for periods 1 to 5 (ending Aug 1/20) wage subsidy applications is Jan 31/21. See our article for when CEWS is included in income.
Web Forms will be available for employers to file up to 100 T4 slips starting Jan 11/21. Don't forget about the extra codes for 2020.
RRSP/RRIF Withdrawal Calculator
Use our calculator to determine your 2021 minimum annual withdrawal, and to estimate your earnings and withdrawals for the next 40 years. Works for non-registered also!
Historical Returns on Investments - Stocks, Bonds, T-Bills
2020 was a good year for stocks. See returns for 1/5/10/20/41/50 & 71 years, and the growth of $1,000 invested. Over the past 10 years one would be losing money after inflation by investing in Canadian 3-month T-bills or Canadian government 1-3 year bonds.
Use our calculator to determine your returns for 2020 or any time period for a particular investment or investment account, or your entire portfolio.
Reporting Foreign Income and Expenses on the Tax Return
All income and expenses must be reported on your tax return in Canadian dollars. The average US exchange rate for 2020 is 1.3415, which can be used for dividends, but not for purchases and sales.
See also Prior Years: