Good morning everyone!
I do have some confirmed news on the tax filing deadline now – yes, it has been extended to June 1st. Interestingly though, while this information is contained on the Department of Finance website, as E-filers we have not been notified. (In fairness, I’m sure they have lots on their plate!) (Late breaking news – as I write this, at 7:57am, the email came from CRA, ok it’s official)
Also any tax amounts for both individuals and businesses that come due after yesterday can be deferred until after August 30th. This would include installment payments but it’s not clear yet if this will apply to arrears payments.
There are also a number of measures to help workers qualify for Employment Insurance benefits when they normally wouldn’t as well as enhancements to social support programs. For more information on these, you should contact those agencies directly.
For businesses, the government has announced help in the form of a 10% subsidy for employment that will take the form of a reduction in Source Deductions which comes into effect immediately and is to continue for three months. I will be working with my clients to assist in this implementation.
In addition, small and mid-sized business are to have freer access to credit through BDC and EDC. The details of this program and application have yet to be released generally; you should contact those organizations directly for assistance.
I will continue to monitor the situation and provide specific help and information to clients when and as it becomes available. If you have any questions about your particular tax account or situation, please feel free to contact me.
Meanwhile, stay safe and listen to our health system representatives!