(TSX:ENB)(NYSE:ENB) can help you make the most of your funds.Įnbridge is a significant energy transportation company based in Calgary, Alberta. Whether you receive any tax refunds from filing your taxes or have some funds set aside, you should use the $6,000 additional contribution room to your benefit by investing in income-generating assets.Īllocating the $6,000 contribution room in your TFSA to a dividend-paying stock like Enbridge Inc.
#Canada revenue agency filing deadline 2014 update
The 2020 update for TFSAs added $6,000 of contribution room to your account, bringing the total contribution space up to $69,500. You can also withdraw any amount from your TFSA, without having to pay taxes on the money. Any earnings of assets stored in your TFSA will grow your balance tax-free without affecting your overall contribution room. The Tax-Free Savings Account (TFSA) is a flexible investment vehicle you can benefit from without worrying about taxes. Story continues Using the TFSA’s tax advantages You can allocate the amount toward your Tax-Free Savings Account (TFSA).Įven if you have missed the official deadline, you have almost three months to file your taxes and pay them by September 1 before any penalties are charged. For instance, if you are eligible to receive certain benefits, filing early can see you receive them sooner. Filing your taxes early can have several advantages for you. It is always ideal to file your taxes before the deadline and avoid having to pay any fines or penalties to the CRA. In case you do not submit your tax returns by that time, you will be subject to penalties that the CRA usually levies. The agency provided additional relief when it announced that penalties, including the late filing penalty and arrears interest, will not be charged as long as you file your tax returns by September 1. The CRA was already quite generous with the extension. Though the official tax filing deadline was June 1, 2020, the CRA will not levy any late filing penalties on Canadian taxpayers until September 1, 2020. Normally, if you have not filed your taxes before the deadline, you will incur penalties through late fees. This figure is substantially below the expected number of 30 million tax returns for the 2019 income year. There will be no late filing penalties for three monthsĪccording to the data released by the CRA, around 18 million tax returns have been received. Where you would typically be filing your taxes by April 30, the deadline was extended to June 1, 3030.ĭid you miss the new extended deadline to file your taxes for the 2019 income year? If you still need time to file your taxes, here is what you need to know. The Canadian government and the Canada Revenue Agency (CRA) introduced several measures to help those struggling with the challenges they are facing in these unprecedented times.Įarlier this year, the government and CRA announced that it was extending its tax filing deadline. As you may already be aware, the COVID-19 pandemic led to a few significant changes for Canadian taxpayers in 2020.
0 kommentar(er)
