Tax Highlights from the COVID-19 Economic Response Plan
Prime Minister Justin Trudeau announced several updates today to the Government of Canada’s COVID-19 Economic Response Plan. Some of the tax highlights in the announcement include:
· Personal tax return filing deadline is extended to June 1, 2020.
· The filing deadline for trusts with a December 31, 2019 year-end is extended to May 1, 2020.
· The due date for income taxes (including instalments) that become due on or after March 18, 2020 and before September 1, 2020 is extended to August 31, 2020.
· Personal and corporate e-file authorizations can be signed electronically.
· A three-month wage subsidy for small employers; 10% of remuneration paid to a maximum subsidy of $1,375/employee and $25,000/employer
· 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.
Future information on updates to the Economic Response Plan is available here: https://www.canada.ca/en/department-finance/economic-response-plan.html
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