Tax time help right from the CRA

Here’s some clear direction from Canada Revenue Agency:

Get ready to do your taxes

Find out what’s new for 2020 and your filing and payment due dates, gather your documents to report income and claim deductions, and choose how you want to file and send your completed tax return to the CRA.

Understand your rights as a taxpayer and who should file a tax return.

Steps to get ready for 2020 taxes

• Find out what’s new
  • How COVID-19 benefits impact your taxesReporting COVID-19 amounts on your tax return, tax slip issues, options if you owe, and eligibility for interest relief
  • What’s new for 2020 taxesChanges to benefits, credits, and expenses for individuals and families, and updates to the 2020 income tax package
• Be aware of key dates for 2020 taxesFiling and payment due dates for taxes, contributions, instalment payments, and any amounts you may oweFiling dates for 2020 taxes
  • Apr 30, 2021: Deadline to file your taxes
  • Jun 15, 2021: Deadline to file your taxes if you or your spouse or common-law partner are self-employedPayment date for 2020 taxes
  • Apr 30, 2021: Deadline to pay your taxes

Stay with us…we know this is a lot!

• Know what to report and claim
  • Report your incomeWhat to report as income, including COVID-19 benefits, self-employment income, foreign investments, assets, or other earnings
  • Claim deductions, credits, and expensesFind tax deductions, credits, and expenses such as home office expenses for employees to reduce your tax owing
  • Get your tax slipsUnderstand your tax slips like T4 and T4A, when you will receive them, and how to get copies
• Keep your CRA information up-to-date
  • Update your personal informationTell us about changes to your address or marital status
  • Set up or change direct depositUpdate or sign up for direct deposit through the CRA or your financial institution to get payments and refunds faster
• Find a way to file your taxesFile your taxes online or by paper, or find other options to have someone else complete them for you:
  • Certified tax software (electronic filing)
  • Authorize a representative
  • Community volunteer tax clinic
  • Discounter (tax preparer)
  • Paper tax return
  • Automated phone line (File my Return)
• Send us your completed tax returnFile your tax return electronically or send your completed tax return by mail
• Make a payment or wait for your refund
  • Have a balance owingPay taxes you owed, options if you cannot pay, or arrange to pay over time
  • Getting a refundYou will get a refund if you paid more taxes than needed
• Review:After you file your tax returnGet your notice of assessment, find out the status of your refund, or make a change to your tax return

Donate a Car Canada tax receipts at tax time

If you donated your vehicle through our program in 2020, now is the time to claim that gift. Ready to file, but you’ve misplaced your tax time receipt? No problem!

Just email us requesting that we follow-up with the charity. We’ll send a request to have the send you a new copy (by email and regular mail).

And you can go right ahead and file without the receipt: tax receipts can be claimed for several years following a donation. If you don’t get it in the file this year, you can use it next year instead.

Make a donation to claim next year!

If you would like to go ahead with a vehicle donation, it’s an easy 1 – 2 – 3 step process. Free tow included! Click the button below, or call in to 1-877-250-4904 and we’ll have you set up for donation within 15 minutes or less!

You are also invited to contact and follow us on Facebook, Instagram, or Twitter! From there, you’ll be able to keep up to date on our program as well as see posts that showcase our amazing donors and charities across the country!

The post Tax Time appeared first on Donate A Car.

Here’s more on how your vehicle donation (to ANY Canadian charity) can affect you at tax time…

“How much is my tax receipt?” is top of the list for donor queries here. Donate a Car Canada is unique in its process. We work to serve! Donors and their chosen charities are Priority One. We also seek to serve our communities and their business owners. We do this by employing a process that is fair to all.

How much is my car donation tax receipt?

The short story: car donation tax receipt outcomes vary from province to province, and even city to city. This is because all donated vehicles are assessed on their own merits. We have seen re-sale donation outcomes as high as $66,850.00! A few years back, Prostate Cancer Canada received a Mercedes donation of $27,000.00! Although these results are not typical, it is not uncommon for us to send thousands of dollars to receiving charities for auctioned vehicles.

Recycle-ready car donation outcomes are as varied as the cars, donors, and provinces they represent! In some cities we see outcomes as high as $600.00 for a recycle-ready car!

Car donation tax receipt: here’s the breakdown

Donate A Car Canada has three possible sale procedures that maximize the donation outcome for our charities. Here’s how we work:

1. Many donated cars are ready for the recycle process: This applies to vehicles that are ready to come off the road. The donation amount for each varies. Dollar outcomes depend on your donation location, and what the market will pay for the year/make/model. The vehicle will be picked up by our towing agent at no cost to you.
2. We always assess: is a vehicle suitable for sale at auction? Several factors go into qualifying a vehicle for auction. Drivability, mechanical condition, age, visual appearance, and mileage all impact this decision.
   Vehicles sold at auction are sold ‘as is’ and ‘unreserved’. Sales are to the highest bidder, as a full and final sale. Outcome at auction varies. As such, we cannot guarantee a specific sale result.
3. Our third option applies to vehicles that may not perform well at auction, but that are not ready for recycling. Our re-sale/recycle process begins with the free tow. Once our agent has it on their yard they will assess your vehicle to determine if it should be recycled or re-sold. This will be based on the current market. If they determine that they will not find interested buyers, they will recycle your car. If they see re-sale value in your vehicle, they will advertise it to their own buyer base. They will send us the net proceeds from the re-sale price.

Will this cost me anything?

There is no cost to either donor or charity for this process. Donate a Car and their cooperating agents (we serve from coast-to-coast!) do have costs.

We keep our own overhead to a minimum. This is done in several ways, not the least of which is our work from home staff. Having the team work from home has been one of Donate a Car’s cost-saving measures from day one! Furthermore, keeping our staffing numbers lean cuts the bills, too. It does mean that we each work at a clip! And it means we care (so personally) about each donor. Moreover, we strive to keep our environmental footprint small: we are almost entirely paperless. I could go on, but you get the picture.

Our agents mirror our mission: they often cut their own fees dramatically to accommodate complicated tows. They work overtime for our donors, too. Additionally, they boost the amounts they’re willing to pay per vehicle whenever they can.

Any costs to the process are taken from the final sale amount on a vehicle-by-vehicle basis.

Works for me! How do I go ahead?

Just click the big red button right here! The donation form you find there will get you set-up in just a few minutes. Next? Await a call from our supporting tow agent. Then, it’s a free tow. A tax receipt will land in your inbox within a week of our disbursing your donation to your charity of choice.

A consideration: some of our agents will offer a small bump in the sale outcome of the vehicle if it is dropped off at their property. This doesn’t always apply, but do ask if that’s an option for you!

You are also invited to follow us on Facebook, Instagram, or Twitter. There you will be able to keep up-to-date on posts that showcase amazing donors and charities in every province in Canada!

We look forward to serving you and your charity of choice!

The post Tax Time: Your Donation Tax Receipt appeared first on Donate A Car.