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.
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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 1 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
- Eligibility Criteria
- 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 1)
- * T2 filing deadline for CCPC Sept, Oct and Nov year ends is June 1
- * T2 filing deadline for CCPC Dec, Jan & March year ends have been extended to Sept 1
- Issues
- No changes to
- GST filing (* no late filing penalties will be applied if return is filed and paid by June 30)
- No changes to
- 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
- Eligibility Criteria