To help support businesses through this difficult time, the Canadian Federal government is allowing for deferrals that will help ease the financial burden and give businesses time to focus on the matters at hand.
This includes deferring GST/HST payments or remittances owing between March 27, 2020 and June 2020.
Monthly filers - this includes remittances for February, March and April.
Quarterly filers - this includes reporting periods between January 1, 2020 and March 31, 2020.
Annual filers - this includes amounts collected and owing for their previous fiscal year and installments for this fiscal year that falls between the above-mentioned dates.
Please note, so long as these deferred remittances are files and paid before June 30, 2020, no interest or penalties will be incurred.
In addition to the deferral of GST/HST remittances and payments, the government has also deferred income tax filing and payment for corporations.
For any corporation with a tax filing due date between March 18 and June 1, 2020, you will have until June 1, 2020 to file your return. In addition, if taxes or installments are owing by a corporation between March 18, 2020 and September 1, 2020 you will have until September 1, 2020 to make the payment.
Please remember, for self-employed individuals, the tax filing due date remains June 15, 2020, however, any tax payments for the 2019 tax year or 2020 installments falling between March 15 and September 1, 2020 will not be due until September 1, 2020.
So long as taxpayers meet their obligations by September 1, 2020, whether individuals or corporations, no interest or penalties will be incurred.
For more information about tax filing and payment dates visit the Canadian Revenue Agency webpage.
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html
We’re also put together a COVID-19 resource page with helpful links. https://www.koroll.ca/covid19-resources
Would you like to speak with a Koroll & Company representative to discuss your businesses financial situation and accounting needs? We’re here to help. Request a consultation or give us a call at 905-898-4231.