Posted on March 19th, 2020 in Commodity Tax (HST), Domestic Tax, General Business

Important Tax Update – Response to COVID-19

parliament building
In response to COVID-19, the Canada Revenue Agency (CRA) and certain provincial governmental authorities released new tax measures for Canadians yesterday (March 18, 2020). 
 
Through our RSM Canada Alliance, we are able to provide a summary of these updates.  At DJB, we commit to continually monitoring all updates that affect business and personal tax filing and will share them with you, as they are released.
 
The article expands on the following key points:
  • 10% wage subsidy up to $25,000 for the next 3 months for small businesses (the CRA has now provided further clarification on the temporary wage subsidy, please click here for the latest update)
  • 6 months interest free for student loans and payments deferred
  • Increase in GST credit
  • Increase in child tax benefit
  • Individuals and corporations do not have to pay income taxes until September 30, 2020
  • T1 deadline extended to September 30, 2020

 

 

More articles related to COVID-19: Business Resource Centre

Source: RSM Canada. Used with permission as a member of RSM Canada Alliance.