May 2021 Tax and Money Tips - 2020 New Tax Items

Happy Mother's Day to all moms out there! I'm thankful for my mom (and dad) who raised my siblings and I. As a mom, I'm grateful to be given a chance to be a mom. :)

A few days have passed since our tax deadline, April 30th. If you or your spouse are self-employed, you have until June 15th to file. If you received COVID-19 benefit, your taxable income is under $75,000, and you have balance owing, please file on-time to be granted interest relief. See here for CRA's posting.

If you or someone you know needs to catch up on taxes to take advantage of this interest relief, or to ensure that benefits will not be disrupted, please email or call me (604-728-5139).

For this month's tax tips, I thought I would re-cap 2020 new tax items.
1. If you are an employee and you worked from home in 2020, you may be able to claim home office expenses. See here.

2. Have you heard about the new Canada Training Credit? It's brand new for the 2020 tax return! This is a new refundable tax credit. Check your 2019 Notice of Assessment to see if you have it. Here's information from CRA.


3. Did you pay for any digital subscription? If so, you may qualify for digital news subscription tax credit. Maximum non-refundable tax credit to be claimed is $500. Here's CRA's reference page.

That's all for now. Have a great month!