The Government of Canada recently announced several measures as part of the COVID-19 Economic Response Plan. One of those measures is to defer tax filing and payment deadlines for businesses and individuals.
The tax filing deadline has been extended from April 30th, 2020 to June 1st, 2020. This gives taxpayers an extra month to file 2019 personal income taxes. The filing deadline for self-employed taxpayers remains at June 15th, 2020. Our office would still encourage you to file the returns as soon as possible to:
• Get your refund earlier
• Avoid bottlenecks during the month of May 2020
• Avoid disruptions to your Canada Child Benefit and GST credits. Calculations are done by CRA to update any payments starting July 1st, 2020.
The payment deadline for 2019 taxes has been extended from April 30th, 2020 until August 31st, 2020.
As you gather documents for your 2019 taxes, please keep in mind that our office is temporarily closed to the public. A drop box will be in place, and there are available electronic methods of submitting your information. Read more about ShareFile and other options here.
Tax balances and instalments are deferred until August 31st, 2020 for any amounts that become owing from March 18th, 2020 until August 31st, 2020. In simple terms, if your small business’s fiscal year-end is December 31st, 2019 and taxes are normally due March 31st, 2020, now you have until August 31st, 2020 to make that payment. Also, if you are making monthly corporate federal income tax instalments, you may pause the instalment payments starting with the March payment that is normally due March 31st, 2020.
Government of Alberta has implemented similar measures and provincial income tax payments deadline is deferred until August 31, 2020. Read more here: https://www.alberta.ca/covid-19-support-for-employers.aspx
Please reach out to us if you have a question in relation to your specific situation,