COVID-19 – Canadian Tax and Business News, release #1
In response to the COVID-19 outbreak, the Federal government is expected to announce extensions to the personal tax filing and payment deadlines. In addition, corporate tax payment and instalment deadlines will also be extended. These measures will help provide relief to individuals and businesses as Canada continues to battle this pandemic.
The personal tax filing deadline is expected to be extended to June 1, 2020. The deadline to pay will be further extended to July 31, 2020.
Businesses will also have more time to pay their taxes and instalments. The new deadline for corporate tax payments and any current required instalments is also expected to be extended to July 31, 2020. There is no indication if the corporate tax filing will also be extended at this time.
The government of Quebec has already announced that it will be delaying its provincial personal tax filing deadline to June 1, 2020 and its payment deadline for individuals and businesses to July 31, 2020.
Revenue Quebec will also start accepting e-signatures on tax filings forms to ease the filing compliance burdens. We expect similar measures to be announced by the Federal government with respects to e-signatures.
An official announcement from the Federal government is expected on March 18, 2020. We will keep you posted on future developments and announcements.
Learn more in the National Post’s recent article
Please contact Fazzari + Partners LLP if you have any questions. We can offer the tax advice that best meets your unique circumstances.