The personal income tax filing deadline is deferred until June 1, 2020, and the payment of any income tax (on amounts owing beginning today), will be deferred until after August 31, 2020, without interest or penalties.
- Individuals expecting to receive benefits under the Canada Child Benefit or GST credit should file as soon as they can to ensure their credits are granted.
The Canada Revenue Agency (CRA) will allow all businesses to defer the payment of any income tax amounts that become owing on or after March 18, until after August 31, 2020. This income tax deferral includes tax balances and installments. There will be no interest or penalties accrued on these amounts during this period.
Businesses eligible for the small business deduction, non-profit organizations and charities are eligible for a temporary wage subsidy equal to 10% total of remuneration paid to employees for three months, up to a maximum of $1,375 per employee and $25,000 per employer. This program will be administered through reduced payroll remittances.