Changes to taxes and benefits Canada – COVID-19 updates

Update as of July 21. 2020: View a recording of CPA Canada’s consultation on rebuilding the country’s economy featuring leading economic experts.

Update as of May 25. 2020: the federal government announced the launch of this hotline service operated by the Canadian Chamber of Commerce – call 1-866-989-1080 (toll-free) seven days a week: Monday to Friday, 8 am – 8 pm EDT; Saturday, 10 am – 4 pm EDT; Sunday, 12 pm – 4 pm EDT.

Update as of April 15.2020: Additional resources for businesses in Canada:

  1. We created the FB- group. The purpose of this group is to share information and compile the resources as we become aware of them regarding small businesses during this pandemic.
  2. Main COVID-2019 updates page
  3. COVID-19: Managing financial health in challenging times
  4. Read more about the fiscal measures taken by CRA to help Canadians manage their tax and benefit affairs
  5. Income tax filing and payment dates: CRA and COVID-19
  6. Blog Royer Accounting

If you have financial pain, we can solve it. Give us a call and get the conversation started Tel: (604) 409-4040

Update as of April 11.2020 Discussion with Koren Palmer. The basic strategy for small businesses during the COVID-19 crisis.

Update as of April 3.2020: COVID-19: Warning of potential financial fraud

As the COVID-19 pandemic continues, fraudsters will try to take advantage of consumers. The Financial Consumer Agency of Canada (FCAC) is warning Canadians to be very cautious when receiving emails or text messages that appear to be from a financial institution asking for personal or financial information.

Financial institutions will never ask for personal information, login credentials or account information by email or text message. If you receive unsolicited or suspicious emails or text messages from a financial institution, do not click on the links or attachments. Remember: If you didn’t initiate contact with a financial institution, you don’t know who you are dealing with.

 

Update: Canada Emergency Response Benefit

Update: A war is currently being fought on two fronts. One is life and death, while the other is economic. Read more – COVID-19: A War on Two Fronts

 

This is the latest tax updates from the Canada Revenue Agency (“CRA”) and certain provincial governmental authorities amid ongoing COVID-19 concerns.

Update: Canada’s COVID-19 Economic Response Plan

The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic, and protect the jobs Canadians depend on.

The subsidy covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15 per cent in March, and 30 per cent in April and May.

The program will be in place for a 12-week period, from March 15 to June 6, 2020. Read more about the program here.

 

Penalties and interest will not be charged if the deferred payment requirements are met by September 1, 2020. Penalties and interest relief will be considered on a case-by-case basis for income tax balances that are not covered by the COVID-19 relief provisions described below.

Individuals – Due dates

Filing date for 2019 tax year June 1, 2020 extended
Payment date for 2019 tax year September 1, 2020 extendedIncludes the June 15, 2020, instalment payment for those who have to pay by instalments.

Self-employed and their spouse or common law partner – Due dates

Filing date for 2019 tax year June 15, 2020 unchanged
Payment date for 2019 tax year September 1, 2020 extendedIncludes the June 15, 2020, instalment payment for those who have to pay by instalments.

Corporations – Due dates

Filing date for current tax year June 1, 2020 extended
Applies to corporations that would otherwise have a filing due date after March 18 and before June 1, 2020.
Payment date for current tax year September 1, 2020 extended 
Applies to balances and instalments under Part 1 of the Income Tax Act due on or after March, 18 and before September 1, 2020.

 

 

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