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PrimeGlobal member firm Shimmerman Penn provide an update on the tax reliefs provided by the Canadian government during the Coronavirus crisis.
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.
Shimmerman Penn LLP
Shimmerman Penn is much more than an accounting firm. We are trusted advisors to our clients, offering a full range of financial, taxation and business advisory services. With niche experience in a variety of industries, we bring more than 30 years' experience to understanding their businesses and unique requirements. Through our membership in PrimeGlobal, we offer our clients international reach combined with the personal approach of a mid-sized, Toronto firm.Learn more