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2020 Tax Bulletin- COVID-19

2020 Tax Bulletin – COVID-19

Due to the ongoing impact from the coronavirus COVID-19, the Government of Canada has released various
programs and initiatives to help individuals and businesses with their finances and tax obligations.

The personal tax filing deadline has been pushed back to June 1, 2020 and the Corporate and Personal Income Tax
balances owing after March 18th, 2020 do not need to be paid until September 1, 2020. This applies to tax balances
due and installment payments required. No interest or penalties will accumulate during this time. Although the
extension is to provide relief to those taxpayers unable to meet the deadline, we want to encourage our clients to
file by the normal deadline of April 30, 2020 if they have received all of their tax information. The tax owing will
still be deferred until September 1, 2020. Filing as soon as possible will prevent any delay in receiving your tax
refund and any expected entitlements (GST and Canada Child Benefit for 2020/21 benefit year).

These newly released measures discussed below can be found at https://www.canada.ca/en/departmentfinance/
economic-response-plan.html. We encourage you to go directly to this link for more detail and for any
updates as these measures are still under development by Finance Canada.

Small Business Support
 Canadian Banks have affirmed their commitment to offer up to a six month deferral of interest and principal
payments on loans and mortgages and to offer flexibility on a case by case basis. Individuals and businesses
are encouraged to contact their banks directly.

 Business Credit Availability Program (BCAP) will support financing in the private sector through the Business
Development Bank of Canada (BDC) and Export Development Canada (EDC). Under this program, BDC and
EDC will enhance their cooperation with private sector lenders to coordinate financing and credit insurance
solutions for Canadian businesses.

 Via BDC, Small Business Loans of up to $100,000 can be obtained online. To be eligible your business must
be Canadian based, have generated revenue for at least 24 months and have a good credit history; visit:
www.BDC.ca

 A proposal for a wage subsidy of up to 10% of wages for three months to a maximum of $1,375 per employee
and $25,000 per employer will be available to businesses that are eligible for the Small Business Deduction
that are facing revenue losses and to prevent layoffs.

 No GST Reviews or Audits for the next 4 weeks

 Generally – CRA Audit interactions will be temporarily suspended

Individual and Family Support:

 For those individuals who do not qualify for EI Sickness Benefits and are quarantined, sick with Covid-19, or
caring for a family member who is either quarantined or sick with Covid-19,

 a benefit of up to $900 bi-weekly for up to 15 weeks will be available in April 2020.

 This can be applied for online through CRA’s My Account, My Service Canada Account or by calling a
toll-free number to be determined

 The application will include a simple attestation and does not require a Doctor’s note. Note that this
must be re-attested /re-applied for every two weeks to confirm the eligibility.

 An additional amount of $300 per child will be added to the current Child Care Benefit to be paid in May
2020.

 Those who are eligible for the GST Credit will receive a one-time special payment in early May 2020.

 Individuals eligible for EI who have lost their job or have been laid off can apply for EI benefits immediately
without the waiting period.

The Alberta Government has also released information about temporary layoffs. Find out more about the rules,
eligibility, and more at this link: https://www.alberta.ca/temporary-layoffs.aspx

In our endeavor to help you through this rapidly changing situation, we will keep you apprised of any significant pdates or additional programs as we become aware of them.

 

Article by Lena Hogarth
March 19, 2020

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