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.
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