Preparing Your Income Tax Returns, 2021 Edition for 2020 Returns

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Preparing Your Income Tax Returns, 2021 Edition for 2020 Returns - Online

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File your returns with accuracy by staying up-to-date on recent tax changes with the most current tax preparation guide. Critically-acclaimed by tax professionals, Preparing Your Income Tax Returns is updated annually and provides the most comprehensive coverage and in-depth analysis of the rules for corporate tax returns available.

Features & Coverage:

Why do tax professionals across Canada come back to Wolters Kluwer year-after-year? It's simple. We provide the most comprehensive tax resource available anywhere. Federal and provincial income and capital taxes are exhaustively detailed. Descriptions of forms and analysis of necessary information are organized by topic. Preparing Your Income Tax Returns will give you the professional expertise, confidence, and time-saving efficiency you need to deliver your best returns.

The 2021 edition for 2020 returns contains a special section on tax measures due to the COVID-19 pandemic, as well as updated content reflecting pandemic response Bills C-13, C-14, C-20, and C-4.

What's New in the 2021 Edition:

  • special COVID-19 tax measures section
  • updated chapter content for COVID-19 response Bills C-13, C-14, C-20, and C-4, containing:
    • additional GST/HST credit and Canada Child Benefit
    • RRIF and RPP - adjusted minimum amount for 2020
    • temporary wage subsidy for employers
    • Canada Emergency Wage Subsidy
    • Canada Recovery Benefit Repayment
  • proposed amendments to support Canadian journalism, released on April 17, 2020
  • proposed amendments to support greater flexibility for amateur athlete trusts, released on December 20, 2019
  • proposed amendments to enhance the basic personal exemption, spouse or common-law partner amount, and the eligible dependant credit, released on December 9, 2019
  • proposed amendments to the Income Tax Regulations to provide relief for registered pension plans, released on July 2, 2020

Table of Contents

  • How To Use This Book
  • Recent Federal Income Tax Changes
  • 2020 Provincial Tax Change Summary
  • 2020 Federal and Provincial Tax Rates
  • Indexed Personal Amounts, Credits, and Thresholds
  • Prescribed Quarterly Interest Rates
  • Registered plans, CPP, QPP, EI, and QPIP contributions
  • Automobile Rates and Limits
  • Mileage Rates
  • 2020 Monthly Average Conversion Rates for U.S. Dollar, U.K. Pound, and European Euro Transactions
  • Yearly Average Conversion Rates for Major Currencies
  • Rates of Withholding Tax under Income Tax Agreements Signed by Canada
  • Client Organizer
  • Tax Changes Due to COVID-19



  • The Basic Rules of Residency and Canadian Income Taxation
  • Income Tax Returns and Administrative Matters
  • Employment Income and Deductions
  • Investment Income
  • Capital Gains and Losses
  • Rental Income and Undeveloped Land
  • Business and Professional Income
  • Capital Cost Allowance
  • Other Income
  • Other Deductions
  • Personal Tax Credit Amounts
  • Medical Expenses and Charitable Donations
  • Other Personal Tax Credits
  • How To Calculate Your Federal Tax
  • How To Calculate Your Provincial Tax
  • Québec Income Tax
  • Farming and Fishing
  • Partnerships
  • Final Returns of Deceased Taxpayers
  • Non-Residents
  • Immigrants and Emigrants, U.S. Citizens in Canada
  • Oil and Gas and Mining Operations
  • Divorce and Separation
  • Alternative Minimum Tax
  • Tax Planning
  • Tax Deferred Plans and Special Income Arrangements
  • Topical Index



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