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COVID-19: Finance Changes
Today the Minister of Finance for Canada has announced changes to certain deadlines for filing tax returns and paying taxes:
- For individuals, the return filing due date will be deferred until June 1, 2020;
- For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020; and,
- The Canada Revenue Agency will allow all taxpayers (both business and individuals) 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 relief would apply to tax balances due, as well as instalments due. No interest or penalties will accumulate on these amounts during this period.
In total, the government has rolled out up to $27 billion in direct support to Canadian workers and businesses. A full list of programs and assistance announced out by the Federal Government can be found on Canada’s COVID-19 Economic Response Plan.
Our team is able to help you with any questions you may have – please do not hesitate to reach out to your Mowbrey Gil trusted advisor if you have any questions or concerns.
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