The Canadian government recently announced that it has initiated relief measures to help with the financial and other distresses during the Coronavirus (COVID-19) impact.  These measures are geared toward both businesses and individuals. 

Individuals – The April 30, 2020 deadline to file 2019 personal tax returns has been extended to June 1, 2020.  Also, the deadline for payment, including instalments, is now due August 31, 2020 without an accumulation of interest or penalties for this extended time. 

Corporations – The filing date for corporate returns remains unchanged.  However, the payment date has been extended to August 31, 2020 with no interest or penalties during that time.

Partnerships – The new due date for tax returns is May 1, 2020.

Trusts – For trusts with a tax year end of December 31, the 2019 tax return filing date is extended to May 1, 2020.  The deadline for payment is now August 31, 2020.

Charities – The filing deadline is now December 31, 2020.

Non Residents – The NR4 Statement is deferred to May 1, 2020.

Audits – The CRA announced that it is temporarily suspending any interaction with taxpayers and their representatives.  Further, they will not be contacting any small or medium businesses for new audits until approximately June.  Watch for updates. 

Those not Listed – If your situation is not among the above, generally you can expect the deadline to have been extended to June 1, 2020.  To be sure check with your tax advisor.

Exceptions – There have been no reported extensions for payroll withholdings.  Also there is no exclusion for Scientific Research and Experimental Development claims.  At this time there have been no announcements regarding GST/HST returns.  You should assume these are due as originally payable. 

If the payments are not made by the extended deadline, the CRA will review any relief measures on a case by case basis.  

Already Filed? – If you have already filed your returns and are anxiously awaiting a refund, you should be aware that there are significant delays in processing any paper returns.  If you have not already filed, you should consider electronic filing.  This will speed up any refund.  Also opting for a direct deposit will mean a payment even sooner.

If you already filed a 2019 paper return but know that it has not been processed, you can re-file using certified tax software.  However, there are some returns that can only be handled through paper.

Provincial Returns – There are also some specific filing and payments dates that are specific to the province.  You should check for precise information regarding any provincial tax returns and payments based on the area affected. 

At this point it seems as though about 45% of the Canadians are taking advantage of the extended deadlines, as reported by H&R Block Canada.  If you have any questions, don’t hesitate to contact your tax or financial advisor.

If you have trouble managing your accounts or need professional assistance, don’t hesitate to get in touch with us at CapexCPA contact us or call 416 903 4040. 

Click on the link below to book a meeting. https://calendly.com/capexcpa/phone-call-with-jag

- The Capex Team