Today the Government of Canada has announced new measures designed to provide tax relief to both businesses and individuals. Specifically, the government has confirmed:

• For Trusts with December 31 year-ends, the filing deadline is extended to May 1, 2020.

• For Personal tax returns, the deadline has been extended to June 1, 2020 (June 15 for the self-employed).

• For those who owe, the Taxes payable due date has been extended to August 31, 2020, along with 2020 Instalments (with no interest costs).

• Corporate tax payments and instalments starting from today have been deferred until August 31, 2020 (with no interest costs).

• No small business GST or Income tax audits will be initiated for four weeks.

• The government also announced a wage subsidy for small businesses (where taxable capital is under $10m) of 10% of remuneration paid during that period, with limits of $1,375 per employee and $25,000 per employer. These are to be received by reduction of DAS remittances of income tax withheld on employees’ remuneration. This is a temporary measure for three months.

More detailed guidance will be available when the government issues draft legislation.

For questions regarding these announcements and what they mean for you or your business, please contact us. See the announcement for full details.

The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Accordingly, the information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. While we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Again, no one should act upon any information contained herein without seeking appropriate professional advice after a thorough examination of their particular situation.