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March 18, 2020 – Updates

A LOT of information was announced today. Our Government has put in a lot of measures to help both individuals and businesses through this stressful time period.

A few highlights as they relate to personal taxes:

  • The tax deadline has been pushed back to June 1. While this is the new deadline, we still recommend filing your tax returns following the regular due dates. If you are expecting a refund you will receive it faster. If you are eligible for GSTC or Canada Child Benefit your benefits will not be delayed if you file at the regular times.
  • If you owe – it also is not overly advantageous to wait to file. You can have your return filed by April 30, know what your balance is and now have additional time to budget. You do not have to pay the tax until August 31, 2020.

We are still requesting that if you can to submit your documents to us to please do so.

Good news – CRA has caught up to the times and is allowing electronic signatures for the first time ever on your T183s! What does this mean for you? No more running around to return the copies with your original signature. This in itself is cause for celebration!!!

In an effort to keep this update short we will not go into more detail on the other changes at this time. If you would like more information on the personal and business changes that have been made, please visit their website: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Flexibility_for_Tax-filers

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