Canadian Tax Podcast for the week of May 10th, 2021. This week we cover:

• No post-tax season filing extensions;
• Represent A Client broke;
• Covid benefits tied to 2020 T1 filing;
• Personal Services Business (PSB) myths;
• Contractors: How to fill out the W8-BEN-E form;
• Dual Citzen (US/CAN) filings;

“This is the Canadian Tax Podcast, Episode # 012,  hosted by me, Cameron Ware. Good morning”

• “Happy Monday, it is the week of May 10, 2021. For all the accountants out there, I hope you all got to enjoy a bit of a post tax-season break. Everyone at my office was away last week on our usual post-tax season break, but CTP is back at it like usual this week. We’ll start with the news.

• No extensions formally granted by CRA.
• Rev QC did grant indirect relief.
• Why care? Many, many firms and people will just file incomplete as-is stuff, and then amend after the fact.
• Bureaucratic processing nightmare.
• https://www.ctvnews.ca/health/coronavirus/accountants-politicians-call-on-canada-revenue-agency-to-delay-income-tax-deadline-1.5405056

• Once again CRA experiences technical glitches
• Speaking with colleagues, efile and Rep A Client were down on both the 29th and 30th.
• No extensions given.
• https://globalnews.ca/news/7821924/cra-website-down-tax-filing/

• CRA released another one of their “helpful” blog releases.
• Usual fluff, but do cover a major point that your Covid benefits are tied to your tax filings.
• Not tied to your service Canada / EI system.
• https://www.canada.ca/en/revenue-agency/news/2021/05/three-good-reasons-to-file-your-tax-return–even-though-the-deadline-has-already-passed.html

• PSB Query
  • Not sure why the internet is so awful at answering this, but get it together people.
  • Standard answer:
  • Ref 1392644 Ontario
  • https://www.canlii.org/en/ca/fca/doc/2013/2013fca85/2013fca85.html
• W-8BEN-E Query
  • Client needed to file a “W8-BEN-E” and was wondering what it is.
  • IRS disclosure form for payments made to non-residents.
  • How to fill it out:
• Dual Citizen (US/CAN) filings
  • [quote]
  • Your question actually misses things completely.
  • You’re American. The US “is the centre of the world”, therefore play by US rules.
  • You need to file US returns every year.
  • If you’re Canadian resident, need to file Canadian stuff too.
  •  

That will wrap things up for today. Like always, if you have any questions, send them to [email protected], or find us on twitter: https://twitter.com/cdntaxpodcast  

This is Canadian Tax Podcast, thanks for listening.