The Canadian Federal government has announced some temporary extensions to tax filing and payment deadlines to ease stress and cash flow during the COVID-19 crisis.  Updated with new deadlines on July 29.

  • Updated

Here’s the outline from the video:

  • Changes to Tax Payments
    • Eligibility Criteria
      • All individuals and Canadian Controlled Private Corporations
    • Application
      • None needed
    • Benefits
      • Any income tax amounts that become due from 18 March to 31 August are Deferred until 30 Sept.*
      • No interest or penalties will be applied during this period.
      • GST/HST/QST payments due March 27 to May 31 deferred until June 30
    • Issues
      • No change to payroll filing or remittances – presume that standard dates apply
    • Recommendations
      • DON’T PAY until the extended deadline to maintain cash flow
      • If you have it, put the cash in a separate savings account
  • Changes to Tax Filing
    • Eligibility Criteria
      • Non self-employed individuals
    • Application
      • None needed
    • Benefits
      • T1 Tax return filing deadline extended from April 30 to June 1 (* CRA have advised that no late filing penalties will be applied if return is filed and paid by Sept 30*)
      • * T2 filing deadline for CCPC Sept, Oct and Nov year ends is June 1
      • * T2 filing deadline for CCPC Dec, Jan & Feb year ends have been extended to Sept 30*
    • Issues
      • No changes to
        • GST filing (* no late filing penalties will be applied if return is filed and paid by June 30)
    • Recommendations
      • Get your tax returns filed as early as possible, especially if you are eligible for GST Credits or Canada Child Benefits or expect a refund

 

WHAT DO YOU NEED NOW?

What Do You Need RIGHT NOW?

I Need A Kick-Ass Accountant

I Need A Profit Coach

I Need Help With XERO

I Need XERO Training