Bankruptcy Blog

Income Tax Filing & Payment Deadlines: COVID & CRA

Are you concerned about CRA deadlines for filing and paying income tax? There have been several Government of Canada news updates regarding income tax for the 2019 tax year. For individuals, self-employed and corporations, the deadline for filing for the 2019 tax year is June 1, 2020, and the deadline for payment for the 2019 tax year is Sept. 1, 2020. In other words, penalties and interest will not be charged if payments are made by deadlines above.

In addition, the government of Canada has introduced a sign-up option to receive updates from the government of Canada about Coronavirus (COVID -19) and CRA related issues. The service is opt-in and you can unsubscribe from the list at any time. You can subscribe at https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/subscription-form.html to stay informed.

Please do not hesitate to call Rumanek & Company at 416-665-3328 if you need personal finance help, you are considering personal bankruptcy in Ontario or would like answers concerning filing for either a consumer proposal or bankruptcy in Ontario.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation formTo learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Financial Aid(CERB) & the COVID-19 Crisis

What is the Canada Emergency Response Benefit (CERB)? This is a federal financial aid option to help business owners, employees, and self-employed get much-needed financial relief during the COVID-19 crisis. 

CERB covers individuals who are not covered by Employment Insurance (EI) and if you qualify, you can start applying on April 6, 2020. The first payment will come within 10 days of applying for the CERB and it will be paid out in a $2,000 lump sum every four weeks, for up to 16 weeks. 

How do you apply for the Canada Emergency Response Benefit (CERB)? You’ll be able to apply through the CRA MyAccount secure portal, your secure My Service Canada Account or over the phone. 

Due to the expected application load, you will be able to apply on certain dates depending on your month of birth: January to March can apply on April 6, April to June on April 7, July to September on April 8 and October to December on April 9, 2020.

Please do not hesitate to call Rumanek & Company at 416-665-3328 if you need personal finance help, you are considering personal bankruptcy in Ontario or would like answers concerning filing for either a consumer proposal or bankruptcy in Ontario.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation formTo learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Covid-19 and Flexibility for Taxpayers

The government of Canada is taking action in order to provide assistance and flexibility to Canadians facing hardship due to the Covid-19 virus. Not only will the government provide options and flexibility for individual tax filing but also support for businesses. For individuals, the government will defer the filing due date for those expecting a return until June 1, 2020. Taxpayers defer until after August 31, 2020. Canada Revenue Agency (CRA) will be adapting its Outreach Program with additional efforts to help individuals understand tax obligations and also obtain the credits and potential benefits to which they are entitled will be put forward.

In addition, the government will provide support for businesses in 3 different areas. First, additional efforts will be put forward to companies through loans and insurance policies. Second, the government will help employees by providing a wage subsidy for up to three months which will benefit employers immediately. Finally, they will provide flexibility for filing taxes and defer until August 31, 2020, and all of this information will be available over the phone as an additional service for relief measures.

 For further information regarding flexibility for taxpayers and support for businesses visit: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

Please do not hesitate to call Rumanek & Company at 416-665-3328 if you need personal finance help, you are considering personal bankruptcy in Ontario or would like answers concerning filing for either a consumer proposal or bankruptcy in Ontario.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the free bankruptcy evaluation formTo learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Covid-19: Economic Support in Ontario

Chances are you have not only been personally affected by the Covid-19 virus but your finances and business finances have also been disrupted. Our government has responded with economic support. They set in motion $52 billion worth of financial aid. The government plans to start the Canada Emergency Response Benefit (CERB) $2,000 per month for up to 4 months by April 1 for those of you in need. If you find yourself in financial need, you have options such as Ontario Works, Emergency for small businesses and Emergency care of up to $900 every two weeks for up to 15 weeks for people who are quarantined, sick with Covid-19 and/or do not qualify for employment insurance. For further information regarding financial aid and support for Canadians and Businesses go to: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

Please do not hesitate to call Rumanek & Company at 416-665-3328 if you need personal finance help, you are considering personal bankruptcy in Ontario or would like answers concerning filing for either a consumer proposal or bankruptcy in Ontario.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Please fill out the free bankruptcy evaluation formTo learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.