COVID-19 & Businesses
Government of Canada
The Temporary 10% Wage Subsidy announced on March 18, 2020 has seen many enhancements. See the following for current details:
- Government of Canada
- Consult your financial institution for application details.
Announced mid April 2020.
Extra time to file: For self-employed persons and their spouses or common law partner, the filing date remains unchanged (June 15, 2020). The payment date for the 2019 tax year is extended to September 30, 2020, which includes the June 15, 2020 instalment payment for those who have to pay by instalments.
Corporations with filing deadlines after March 18 and before May 31, 2020 have received a filing extension for the current tax year to June 1, 2020. Corporations with filing deadlines on May 31 or in June, July, or August 2020 have received a filing extension for this current tax year to September 1, 2020.
Payments: Payment is extended to September 30, 2020, which includes balances and instalments under Part 1 of the Income Tax Act due on or after March 18 and before September 30, 2020. No interest or penalties will accumulate on these amounts during this period as long as the returns are filed and the payments are made by September 30, 2020.
Audits: CRA is resuming a full range of audit work, focussing on that which is beneficial to the taxpayer. These include higher dollar audits, audits close to completion, and those with strategic importance to the Government.
Extending Work-Sharing program
Providing small businesses with wage subsidies
Access to Credit (e.g. $40,000 interest-free loan may be available)
Canada Emergency Response Benefit- $2000/month for 4 months *Application portal opened April 6th, 2020