Prime Minister Justin Trudeau announced on March 18, 2020 a new set of tax filing requirements / adjustments as a response to the COVID 19 virus . A summary of the changes are as follows:
- The current filing deadline for personal returns is April 30th. The Canada Revenue Agency (CRA) has deferred the filing deadline for personal tax returns until June 1, 2020. However, CRA encourages individuals to file as soon as possible if you believe you are going to receive the Child Benefit and/or the GST credit benefit; this will allow CRA to calculate accurate benefits.
- For trusts having a tax year end of December 31, 2019, the return filing deadline will be extended to May 31, 2020.
- The CRA has been silent on deadlines for corporate returns and HST/GST filing deadlines. So assume the deadlines are the current deadlines.
- The current payment due date for paying your 2019 personal tax bill is April 30th. CRA will defer the payment required of certain tax balances to August 31, 2020. No interest or penalties will accumulate on balances that became owing after March 18, 2020. This relief will apply to instalment payments that are due, as well. So, if you have a balance owing from your 2019 tax return, you could defer the payment until August 31 and not receive a penalty or an interest charge.
- CRA has also permitted the use of electronic signatures on certain documents to reduce the need to meet in person to acquire signatures. Tax Doctors Canada secure document portal allows for remote document signature.
It is important to file your tax return on time to avoid penalties. Now is a great time to remotely file your tax return while you are taking precautions to protect yourself from Covid-19. Use your time wisely and let the chartered professional Accountants at Tax Doctors Canada assist you with your tax return from the comfort and safety of your home. All required information and documents are processed via Tax Doctors Canada's Secure Document Transfer Portal. Once the social distancing and other pandemic requirements are relieved the CRA will be very busy leading to possible delays and other inconveniences. You can focus on your life instead of your tax returns!.
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Contact Tax Doctors Canada today for all your individual, corporate, business, non-resident and rental property taxation needs from the safety of your home. Tax Doctors Canada offers a stress free Initial Phone Consultation with one of our Chartered Professional Accountants. We Welcome Your Business!
For help in getting your refund during the COVID-19 crisis, Contact Us by Email or call 1 855 TAX DOCS (+1-855-829-3627) for a free no obligation consultation regarding all your tax return filing needs. The Chartered Professional Accountants at Tax Doctors Canada can negotiate a settlement for you with the tax department and possibly save you interest, penalties and prosecution.