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(Released April 2, 2020) As mentioned in our initial March 30, 2020 newsletter, Hogg, Shain & Scheck will provide updates between weekly newsletter releases on days of major announcements or for matters of particular interest to clients. With that in mind, this update covers: new details and guidance for the Canada Emergency Wage Subsidy filing
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COVID-19 TAX UPDATE Tax Filing and Payment Extensions and Other Filing Relief Measures in Response to the COVID-19 Pandemic (Released March 31, 2020) The Canadian government has announced several measures to help taxpayers during these challenging times by providing extensions for filing and payment of taxes for business, Charities/NPO, individuals, partnerships, and trusts. To help
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COVID-19 TAX UPDATE Federal and Ontario Governments Economic Response Measures to COVID-19 (Released March 30, 2020) The Canadian and Ontario governments have pledged over $124 billion to fight the COVID-19 pandemic through announcements made up to March 30, 2020. Many of the programs and initiatives are geared towards keeping the economy moving by assisting businesses,
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What is the Canada Emergency Response Benefit (CERB)? On March 25, 2020, the government proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a
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On March 27, 2020, the Prime Minister announced additional economic measures in response to the COVID-9 pandemic. Canadian Governments COVID-19 Economic Response Measures Include: 1. Wage Subsidies An increase in wage subsidies to 75% for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. The government is hoping employers can keep
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On March 25, 2020, the Ontario government announced a $17 billion plan to protect businesses, households, and public services from the financial fallout of the novel coronavirus. These measures include the following: Ontario’s economic response measures include the following: Five-month relief for Ontario businesses who are unable to file or remit select Provincial taxes Employer
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On March 18, 2020, the Government of Canada announced a temporary wage subsidy for a period of three months. This temporary measure will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). An eligible employer is: A Canadian-controlled private corporation (CCPC); A non-profit organization;
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The Charities Directorate is extending the filing deadline to Dec 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020 Read more on the Canadian Revenue Agency Website
We continue to closely monitor the evolving COVID-19 situation, ensuring the health and safety of our team and clients, who remain our top priorities. As a result of these unprecedented times, effective Monday, March 16, 2020 we made the decision to close our offices. Our teams will work remotely and are still available. We have full
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On March 18, 2020 the government and its various partners announced further measures to support Canadian businesses in these challenging times. CRA Tax Relief for Canadian Businesses The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after
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On March 18, 2020, the Government of Canada announced that the Canada Revenue Agency will defer the filing deadline for personal income tax returns from April 30, 2020 to June 1, 2020. However, if you are expecting a refund we recommend filing your return as soon as possible. As well, if you are entitled to
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On March 18, 2020, the Government of Canada announced several economic measures to assist individuals and businesses during these challenging times. These measures include the following: Temporary income support for workers and parents; Longer-term income support for workers; One-time special payment through the Goods and Service Tax (GST) credit for low and modest income families;
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