Canada and Québec government updates: Extended filling and payment deadlines

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UHY Victor LLP Statement:

 

We are all experiencing challenges presented by the spread of this dangerous pandemic.

Our focus over the coming weeks and months needs to be on our clients and our community. We are taking the Canadian and the Québec government recommendations seriously, practising social distancing, and we urge you to do the same. 

We recognize the need to stem the advance of the virus in order to protect those who are most vulnerable in our society.  

 


 

 

 

Extensions to both income tax filing and payment deadlines were introduced as follows:

 

Federal Tax Filing Updates

  • The deadline for filing 2019 personal T1 tax returns is deferred until September 1, 2020 (Previous: April 30)
  • The deadline for filing 2019 T3 tax returns for trusts is deferred until September 1, 2020 (Previous: March 30)
  • The deadline for filing T2 corporations income tax returns and trusts whose normal filing due date falls in June, July, or August 2020 has been further extended to September 1, 2020 

 

Federal Tax Payment Updates

  • For individuals, the 2019 tax payment deadline is now due September 1, 2020 (Previous: April 30)
  • The 2019 taxation year for individuals (or their spouse) who operate a business, instalment payments are now due September 1, 2020 (Previous: June 15, 2020)
  • For trusts (other than specified investment flow-through entities) the 2019 balance owing are now due September 1, 2020 (Previous: March 30)
  • For corporations, any income tax payments (instalment payments and balances due) due March 18, 2020 – August 31, 2020, are now due  September 1, 2020 

 

Québec Tax Filing Updates

  • The deadline for tax filing individual taxpayers be deferred to June 1, 2020 (Previous: April 30th)
  • The deadline for tax filing for Trusts will be deferred until May 1, 2020 (Previous: March 30th)
  • The deadline for tax filing corporations are now due June 1, 2020
  • The deadline for tax filing for partnerships will be deferred until May 1, 2020 (Previous: March 31, 2020)

 

Québec Tax Payments Updates

  • For individuals, the 2019 tax payment deadline is now September 1, 2020 (Previous: April 30)
  • For individuals (or their spouse) who operate a business, instalment payments are now due September 1, 2020 (Previous: June 15, 2020)
  • For trusts, the balance owing for the 2019 deadline is September 1, 2020. (Previous: March 30, 2020)
  • For corporations, any income tax payments (instalment payments & balances due) due March 18, 2020 – August 31, 2020, are now due September 1, 2020.

 

Business tax measures

Income Tax payments

For the next four weeks, there will be no contact to any small or medium-sized business for assessment of GST/HST or income tax audits from the CRA.

For the vast majority of businesses, the CRA will temporarily suspend audit interaction with taxpayers and representatives.

  • All taxpayers to defer, until September 1, 2020, the payment of any income tax amounts that become owing on or after March 18, 2020 – September 2020. 
  • This relief applies to tax balances due and instalments under Part I of the Income Tax Act.
  • No interest or penalties will accumulate on these amounts during this period.

 

 

 

 

Other individual relief measures

  • GST credit will be doubled for eligible recipients and the additional credit will be paid in one lump-sum in early May
  • Canadian child tax benefits will be increased by $300 per child and this additional benefit will be paid in one lump-sum together with the scheduled May 20, 2020 payment
  • Canadian and Québec moratorium on student loan interest for 6 months
  • The City of Montréal delayed the second instalment of property and business tax to July 2 (Previous: June 1). Click here for details.

 

 

 

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