At CPA4IT, the well-being of our clients related to the COVID-19 is of paramount importance. The impact of the COVID-19 is changing at a rapid pace, but one thing that will not change is our commitment to you.
I wanted to keep you up to date on the strain that COVID-19 is having on the Canadian economy, and the concessions that the Canadian Government is providing to all citizens, and what that means to you in regards to your Personal as well as Corporate Tax filings.
- The CRA personal income tax filing deadline has been extended to June 1, 2020.
- If you file your personal income taxes and you owe money, the deadline to pay your income taxes payable is August 1, 2020.
- The CRA has will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.
- For those that don’t qualify for EI or don’t have paid sick leave an Emergency Care Benefit fund has been created and will provide payments to workers that have to stay home for up to 14 weeks.
- If you lose your job and don’t qualify for EI an Emergency Support Benefit has been created. This applies also to those who are self-employed and unable to work because of the virus.
- To help parents, the Canada Child Benefit will be boosted temporarily in the coming months, up to $300 extra per child.
- The government has establishing a Business Credit Availability Program (BCAP). The program will further support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
- The Minister of Foreign Affairs are helping Canadians abroad return home, the Government of Canada is creating a special financial assistance program, the COVID-19 Emergency Loan Program for Canadians Abroad. You will have the option of applying for an emergency loan of up to $5,000 to help secure your timely return to Canada and to temporarily cover their life-sustaining needs.
- CRA extended the deadline for trust returns from March 31 to May 1 and will accept electronic signatures for both personal and corporate T183 which are “normally required to be signed by hand.
For a detailed list of all notes from the Prime Minister’s press conference, please visit Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses.
Also just a reminder that although we will not be offering any in person meetings nor will we be able to accept and process physical documents in a timely fashion. We are happy to work with you on rescheduling any existing in person meetings. New virtual meetings can be booked anytime and we will be able to quickly and accurately process any digital documents uploaded to your client portal.
We will continue to keep you updated with any and all future changes in regards to CRA. If you have any questions or concerns please contact your account manager . We value our loyal customers and will be as accommodating as possible during this dynamic and changing situation.
We’re proud to be a part of and to serve this community. Please continue to take care of yourselves and each other.