Feds also introduced new benefits such as Canada Emergency Response Benefit
In light of the COVID-19 pandemic, the Canada Revenue Agency has extended the deadline for filing income tax returns to June 1, 2020, and the deadline for payment of income tax to Sept. 1, 2020, for both individuals and corporations.
Certain tax-related due dates applicable to self-employed individuals, non-residents, trusts, charities and information returns have also been extended.
These changes in tax measures and economic benefits have been continuously rolled out ever since the federal government announced that it would be launching its COVID-19 Economic Response Plan to stabilize the economy and to support Canadians and businesses who are struggling in the face of the pandemic.
The government is also introducing new benefits and support, as well as strengthening existing ones. The Canada Emergency Response Benefit extends $2,000 per month for up to four months for workers who have lost income because of the COVID-19 crisis. Eligible employers can also avail themselves of a temporary wage subsidy for a period of three months.
The government has also implemented changes to the amounts paid under the Goods and Services Tax credit and the Canada Child Benefit, and has reduced the minimum requirement for Registered Retirement Income Funds withdrawals.
Other changes introduced by the government include the suspension of collection activities on new debts and reduced interaction initiated by the CRA for post-assessment GST or HST or income tax audits with respect to small or medium businesses. The CRA will also be temporarily considering electronic signatures as complying with the signature requirements under the Income Tax Act.
News updates from the Canada Revenue Agency in relation to the COVID-19 outbreak may be monitored here.
