It was announced today that the federal government has extended the tax filing deadline for 2020. The tax return filing due date will be deferred until June 1, 2020. The new tax payment deadline is now August 31, 2020.
This includes any tax amounts for individuals or business that become owing on or after today and before September 2020, including instalments, under Part I of the Income Tax Act.
In addition, there were several other measures announced to assist individuals and business:
🔸Wage subsidy for eligible small employers equal to 10% of remuneration paid, up to $1,375 per employee up to a maximum of $25,000 per employer for the next 3 months
🔸CRA has suspended post-assessment review & audit activities for 4 weeks
🔸$10B of additional support for businesses through BDC and EDC
🔸Launching an Insured Mortgage Purchase Program to provide stability to banks, which will in-turn have a trickle-down effect to individuals
🔸Additional Employment Insurance availability for emergency care, emergency support and temporary business wage subsidy, which will be available to self-employed individuals who previously would not have qualified
🔸Enhanced Canada Child Benefits
🔸Decreasing the minimum withdrawal percentage from RRIF’s by senior by 25%
We will continue to follow Canada’s COVID-19 Economic Response Plan and provide updates as more information comes available.
Please refer to our previous post for further information on our availability and office response plan. We are available through phone, email and video chat if possible.
We are still here to support our valued clients and we will do our absolute best to guide your through these trying times!