Great Food And Taxes

Great Food and Taxes

Great Food and Taxes

It is often said that the only things certain in life is death and taxes. Let’s add a third – food.

There have been many announcements made by the federal government since March 18, 2020 to provide tax relief and economic incentives to Canadian taxpayers. We have captured some of the specific details relating to tax filing deadlines and payment due dates. Note that this information is ever evolving; the below is current as of March 27th, 2020.

As an aside, we understand you might want to feed your family with delicious comfort food during these periods of self isolation. A very valuable client kindly shares her insights on a few local Calgary eateries who provide home or curbside delivery. We’ve listed some of the best ones at the end of the article.

Now back to taxes…

Personal returns filing

The deadline for filing T1 returns has been extended to June 1, 2020. Individuals expecting a refund or benefits should file sooner if possible, as the CRA will process refunds. Canadians are encouraged to register for direct deposit on the CRA’s MY ACCOUNT self-service portal, as this is the quickest and most reliable way to get benefit and credit payments.

Trust returns filing

For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020. This is due to administrative requirements in advance of the June 1, 2020 deadline for filing individual income tax and benefits return.

Other corporate taxes filing

T2 Corporate income tax return filing date is unchanged (due 6 months after year end).
T5013 partnership return has been extended to May 1.

GST – GST/HST payments

Remittance can be deferred until June 30, 2020. At this point, it is unclear whether GST/HST returns will have to be filed while the deferral is in effect. Once we receive clarification, we will notify you accordingly.

Income tax payments

The deadline to pay any balance due for individual income tax and benefit returns for 2019 has been extended to September 1, 2020. This means CRA will not assess any penalties or interest if the balance due is paid by September 1, 2020.

For self-employed individuals or those who have spouses or common-law partners that are self-employed, the deadline to pay any balance due for their individual income tax and benefit return has been extended to September 1, 2020

For individual who pay income tax by installments, the June 15, 2020 instalment payments will be deferred until September 1, 2020. CRA will not assess any penalties or interest if instalments are paid by September 1, 2020.

For businesses, CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due as well as instalments. No interest or penalties will accumulate on these amounts during this period.

Mail sent to CRA

We have been made aware that there have been issues with mail and courier deliveries to the CRA, and they are looking into these issues. We also understand that some drop boxes have been shutdown. We highly encourage making tax payments using various online method approved by the CRA. CLICK HERE to make a payment.

Electronic signatures

CRA will recognize electronic signatures for authorization forms T183 and T183CORP as a temporary administrative measure.

Additional information: Reduced minimum withdrawals for RRIF

The required minimum withdrawals from RRIFs is reduced by 25% for 2020. If you have a RRIF or Spousal RRIF with CH and would like to take advantage of this reduction, please contact your advisor or respond to this email.

Now for the real reason you’ve read on! If you live in Calgary, here are some great local options for grabbing a bite:

Cultivar: https://cultivatr.ca/ – Alberta’s online “Farmer’s Market”

  • Locally raised meats
  • Farm-fresh vegetables
  • Artisanal cheeses

The Grocery Link: https://thegrocerylink.com/ – local Calgary company offering delivery to your door. Choose from stores such as:

  • Superstore
  • M&M frozen foods & meals
  • Save-On Foods

Pioneer Butchery and Charcuterie: www.pioneeryyc.com – teamed up with a collective of local food providers including:

  • Grand Trunk Veggies
  • Peasant Cheese Shop
  • Good Honest Food

Marda Loop Meatery: call and order in advance (403-510-3069) for delivery or pick-up

  • All soups are homemade and gluten free
  • Also offers Bolognese and fresh-baked baguettes

Manuel Latruwe Bakery: Offering curbside pick-up. Call 403-261-1092.

Great options for “ready to cook” meal kits that come with pre-measured ingredients that will make your family think you are a chef!

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Are we a good fit?

We’re looking for aspirational clients who require the whole spectrum of financial services because managing the whole is how we’re able to deliver unbeatable value – it’s our “secret sauce.”If this describes you, let’s set up a meeting andget to know each other.

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When I became a client of CHF it was a real game-changer as I was going through a very difficult time both professionally and personally.

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Looking back now, I’m not sure how I would have managed without the support of the CHF family.

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Jeremy and his team were there every step of the way to help me navigate my way through the complexities of a divorce and inheritance. They got me back on track both financially, as well as emotionally.

I have now been a client of CHF for over 10 years and thanks to their expertise, I know that my family will be well taken care of for many years to come. I am now in a position where I don’t need to worry about money thanks to a solid financial plan.

I would highly recommend the CHF team to others going through life-changing and difficult situations as your financial partner.

Linda, Victoria

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As an investment industry professional, I am constantly on the go and maximizing my peak career earning years in my 40s. With travel and work commitments I am very limited for time to spend with family and do the things I love to do and chose CH Financial to allow me more freedom and lifestyle balance.

Being in the investment industry my whole career and an extremely busy professional, I know I could probably do a good job at managing my money as I work in the industry after all while I rely on and trust the CH Financial team that they will take care of the details, both growing my assets as well as taking care of every aspect of my financial situation, including my tax, investments and insurance, they simply take away the stress of having to worry about it all and help me to navigate the complexities for me so it all meshes together and importantly saves me valuable time and headaches.

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At the end of the day, the reality is I truly value my time and the opportunity cost of my time and would rather hire the best in the industry so ultimately my wife and I can do the things that we love to do, have more leisure time, relax and enjoy spending time in the great outdoors, exploring new countries, hiking in the mountains and volunteer work.

Since engaging CHF more than 5 years ago we have enjoyed significant growth in our investments but more importantly, we have peace of mind and sleep much better at night knowing the team at CHF has our financial back and anything financial they will take care of for us.

I would have absolutely no hesitation in recommending the team at CHF to other career-focused busy professionals who really value their time and lifestyle balance.

Kevin & Sharron, Calgary

Financial industry professionals

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Prior to joining CH Financial as a client, I had been partially managing our investments and using a bank-owned broker for many years, with moderate success. When we became clients of CHF, I quickly realized how little I knew about the complexities of managing investments and the importance of seeking out the best specialists in the industry to assist with my family’s full financial picture.

Brian and the team at CHF encouraged us to take an introspective look at our assets and expenditures and even helped us implement a comprehensive budget. The team really stepped up to take care of all aspects of our financial picture, including portfolio design, CH Financial introduced us to a lawyer who took care of everything for us, estate planning and tax, while helping us simplify our financial affairs.

Being of the sandwich generation my wife and I spend considerable time caring for our surviving parents and our grandkids, so

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freeing up valuable time is essential to allow us to do the things we love to do. The team at CHF takes care of the details and today my wife and I enjoy a comfortable, stress-free financial situation.

Over the years as a client of CHF, both our portfolio and wealth has grown exponentially, more than we could have ever imagined. Now that we are both happily retired, having the CHF team in our corner helps us to sleep better at night knowing that our somewhat complex financial puzzle is being looked after by a team of people that really care, as opposed to being treated like a number by a big bank.

I would have no hesitation in recommending the CHF team to others looking for a superior financial home in Calgary and a safe place to invest your hard-earned money.

Ian C, Calgary

Comfortably retired thanks to CH Financial