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,