COVID-19 Financial Relief for Canadians

Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of measures designed to support the finances of individuals, businesses, charities, and non-profit organizations

COVID-19 Financial Relief for Canadians:

Businesses

Individuals

Other Filings and Administration

Future Changes

APPENDIX 1
Federal Government Financial Relief Measures Related to COVID-19

APPENDIX 2
Tax Deadlines & Payments – Summary of Extensions* (as of April 8th, 2020)

COVID-19 Financial Relief for Canadians April 8 2020

New COVID-19 Updates from the CRA

As part of Canada’s COVID-19 Economic Response Plan the CRA has extended a number of income tax filing and payment dates to help Canadians during this difficult time.
Some key highlights include:
• Interest and penalties will not be charged if deferred payments are made by September 1, 2020
• Individual filing date extended until June 1, 2020
• All Corporations with a filing date after March 18, 2020 and June 1, 2020 has been extended to June 1, 2020
• Trusts with a year end date of December 31, 2019 have a filing date extension to May 1, 2020
• Trusts with typical due dates in April or May have been extended until June 1, 2020

For additional information on these and other filing and payment extensions please see the CRA website:

www.canada.ca

Canada’s COVID-19 Economic Response Plan

It was announced that The Government of Canada has made some significant moves in their attempt to help Canadians during this outbreak.

Graham Scott Enns would like to draw your attention to the following document published by Video Tax News regarding some of the changes that have a specific impact on taxpayers.

Areas of interest include:

Individuals

Businesses

Other Filings and Administration

Financial Assistance

Closing & Webpages to Monitor

Key Points Canada’s COVID-19 Economic Response Plan March 18 2020

Filing of T4’s, T5’s and other Tax reporting forms

The T4 tax reporting forms for employees must be filed with the Canada Revenue Agency by the end of February to avoid penalties for late filing.  T5 forms reporting dividends, interest and other applicable income must also be filed by the end of February.