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FEDERAL TAX UPDATES AND DEADLINES
On March 27, 2020, in response to the global pandemic resulting from the COVID-19 outbreak, the Government of Canada released additional measures to support Canadians, including the extension for certain tax filing deadlines and payments.
Tax Filing Deadlines and Tax Payments
Income tax payments (including instalment payments) due after March 18, 2020 can be deferred to September 30, 2020. No penalties or interest will be assessed during this period. Note this extension applies only to income tax amounts. It does not apply to remittances for taxes withheld, such as payroll, GST/HST and non-resident taxes.
Unless otherwise noted, administrative income tax actions (including returns, elections, designations and information requests) due after March 18, 2020 and before May 31, 2020 can be deferred to June 1, 2020.
Unless otherwise noted, administrative income tax actions noted above due after May 30, 2020 and before September 1, 2020 are extended to September 1, 2020.
The administrative income tax actions extension does not apply to payroll remittances and NR4s, trust returns (T3) or partnership returns (T5013).
NR4 information return filing deadline is extended to May 1, 2020.
Objection requests due March 18, 2020 or later is extended to June 30, 2020.
Canada Emergency Wage Subsidy (CEWS)
On May 15, 2020, the Government of Canada announced further updates to the Canada Emergency Wage Subsidy (CEWS). The CEWS is intended to prevent layoff and to encourage the re-hiring of laid off employees. It provides a payment directly to employers who apply and qualify for it.
The Canada Recovery Benefit (CRB) is a benefit of $1,000 per two weeks ($900 after taxes withheld) for up to 26 weeks. It is available to workers who are self-employed or are not eligible for EI and who still require income support.
You can apply for the CRB through the Canada Revenue Agency (CRA) from October 12th, 2020 for one year for up to 13 two-week periods between September 27th, 2020 and September 25th, 2021.
The Canada Emergency Rent Subsidy (CERS) will provide rent and mortgage support to small businesses affected by COVID-19. The subsidy will be administered by the CRA and will provide support directly to tenants.