What To Expect In 2021: Tax Rates, Services, And More
2020 has brought about several changes across our lives and industries. At Bowler & Company CPA Professional Corporation, we have had to implement new policies regarding our functions and services for clients.
To bring you up to speed on the latest changes in our business and industry, we have explained below what you should expect.
1. New health and safety protocols during COVID-19
When attending our offices, please be advised that to limit any potential health risks, our front door will be locked. Please call ahead when dropping off your documentation, so we know when to expect you. There is a plastic bin outside our office door, place your documents in the bin and knock at the door so we can collect the paperwork. Following these instructions is essential to ensure your paperwork is passed along to the person handling your account in the most timely manner. Should you have to enter our offices, masks are mandatory and you will be required to complete a questionnaire prior to entry.
2. Change in working hours
We are currently open between 8:30 am and 5:00 pm until January 29, 2021. Following this date, we will remain open from 8:30 am to 5:30 pm until the end of the tax season, which is April 30, 2021. Presently, there are no new extensions for the 2020 T1 tax season or to HST filing deadlines, but we will keep you updated should that change. Additionally, no extensions have been advised for the T4, T4A, and T5 deadline, which is March 1, 2021, as February 28 falls on a Sunday.
3. CPP and EI rate changes
The Canada Pension Plan (CPP) and employment insurance (EI) rate changes for 2021 have changed as follows:
For CPP the:
a. Maximum annual pensionable earnings increased to $61,600
b. Employee and employer contribution rate increased to 5.45%
c. Maximum annual employee and employer contribution increased to $3,166.45
d. Maximum annual self-employed contribution increased to $6,332.90
For EI the:
a. Maximum annual insurable earnings increased to $56,300
b. Rate is consistent at 1.58%
c. Maximum annual employee premium increased to $889.54
d. Maximum annual employer premium increased to $1,245.
4. CEBA loan extension
The CEBA (Canada Emergency Business Account) loan application deadline has been extended to March 31, 2021. Please feel free to contact us if you require any assistance in applying.
For eligible businesses and non-profits to apply for the further $20,000, you will need to contact the financial institution that completed your initial CEBA loan.
As chartered professional accountants in Grey County, Bowler & Company CPA Professional Corporation offers a full range of accounting services to meet your financial, taxation, and operational requirements. We are experienced professionals who strive to provide timely expert advice to meet the needs of every client. A strong focus on continuing education, ensures that we remain current with the recent taxation and tax law changes. This enables us to serve you at the highest level, no matter what your situation requires.
To learn more about our accounting services across Markdale, Dundalk, Owen Sound, Meaford, The Blue Mountains, Collingwood, Hanover, Flesherton, and the surrounding areas, please click here. If you have any questions about taxes, accounting, or financial details in general, contact us here or give us a call at (519) 986-3328 in Markdale or (519)-923-2624 in Dundalk.