The Canada Revenue Agency recently announced measures to help Canadians who are experiencing hardships during the COVID-19 outbreak with filing their taxes.
Below are some measures available for both personal and business filing, as well as frequently asked questions.
Individual Tax Filing Measures:
- The return filing date for individuals has been extended until June 1, 2020.
- Individuals who expect to receive benefits under GSTC or the Canada Child Benefit are still encouraged to file their taxes as soon as possible to ensure their entitlements for the 2020-21 benefit year are properly determined.
- For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.
- CRA will allow taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18th and before September 2020.
- Electronic signatures will be recognized as valid as a temporary administrative measure for forms T183 or T183CORP.
- Making the Outreach Program available over the phone and in some cases via webinar.
- For more information, visit: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html?fbclid=IwAR1RCOiMLeBHxv8bvq2Em0JQi4stJn8aTp0Sg5cAOsWpSiqWP6Asv0pO1B8#Flexibility_for_Tax-filers
- The Government will be providing a one-time special payment by early May through the Goods and Services Tax credit for low- and modest-income families.
- The average additional benefit will be close to $400 for single individuals and close to $600 for couples.
- There is no need to apply for this payment. If you are eligible, you will get it automatically.
Enhanced Canada Child Benefit:
- Eligible recipients will receive $300 more per child with their regular May CCB payment.
- If you have previously applied for the CCB, you do not need to re-apply.
- For more information on the Canada Child Benefit such as how to apply and eligibility requirements, go to Canada child benefit or call 1-800-387-1193.
How will those retiring or using their pensions be affected?
- The Government is to reduce minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25 per cent for 2020 in recognition of volatile market conditions and their impact on many seniors’ retirement savings.
Business Tax Filing Measures:
- CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This applies to tax balances due, as well as instalments, under Part I of the Income Tax Act, and no interest or penalties will accumulate on these amounts during this period.
- CRA will not contact any small or medium (SME) businesses to initiate any post assessment GST/HST or Income Tax audits for the next four weeks. Audit interaction with taxpayers and representative will be suspended temporarily for most businesses.
- The Liaison Officer service is now available over the phone to ensure small businesses are aware of any changes such as filing and payment deadlines and relief measures.
- Businesses, including self-employed individuals, will be able to defer their GST and HST payments until June 30, 2020.
- Custom duties owed for imports will also be deferred until June 30, 2020.
I would like to obtain a paper copy of the tax forms. How do I do that?
- You can order a paper form by calling 1-855-330-3305