March 29, 2020,
Dear Clients & Friends:
Hope you and your families are staying safe amid COVID 19. Our office is open as one of the essential businesses in Ontario with our staff on a rotating work from home schedule. With the tax filing deadline extended to June 1st, please send us your files digitally (either via dropbox, google drive, box or secured email). We are committed to continue serving you during these challenging times. Please call me if you have any questions on the government emergency financial measures, your personal taxes or your corporate taxes.
COVID 19 Financial Measures Updates
Prime Minister Trudeau provided a brief update on some further tax measures on Friday March 27, 2020. Full details will be released later this week and I will update everyone accordingly. Here are some of the updates that Trudeau and CRA will be providing:
- For small businesses, the government announced that it would increase the temporary wage subsidy to 75% of eligible remuneration (from 10% that it had initially announced on March 23)
- Deferral of GST/HST remittances for small businesses. Although it is still unclear if this applies to the actual filing of the HST returns, taxpayers will now have until June 30, 2020 to make the following payments:
- Monthly filers — Remittances collected for the February, March and April 2020 reporting periods.
- Quarterly filers — Remittances collected for the January 1, 2020 through March 31, 2020 reporting period.
- Annual filers whose GST/HST return or instalment are due in March, April or May 2020 — Remittances collected and owing for their previous fiscal year and instalments of GST/HST for the filer’s current fiscal year.
- The government will provide interest-free loans of up to $40,000 for one year to eligible small businesses and not-for-profits through the new Canada Emergency Business; with possibly $10,000 of the loan to be forgiven. Please let me know if you would like me to connect you with the appropriate banking professional to assist you with the process.
- The Bank of Canada is cutting their interest rates by a further 0.25%.
Please connect on the links to my social media at your convenience (Facebook, Twitter, Linkedin, Instagram) to stay fully updated on COVID 19 and tips and tax planning for individuals and businesses.
