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Corporations Tax Return -Filing date for current tax year:
• Returns due June 2 – August 31 – filing deadline of September 1, 2020.
• Returns due March 18 and June 1– filing deadline of June 1, 2020 (unchanged).
Canada Emergency Commercial Rent Assistance (CECRA)
This program will lower rent by 75% for small businesses that have been affected by COVID-19.
It is expected that CECRA will be operational by mid-May, and further details will be announced soon.
More information can be found here: https://www.jarvisryan.com/communications/20
Corporate Tax Return – Filing and Payment Extension
Filing date for current tax year: extended to June 1, 2020 (corporations with a due date after March 18 and before June 1, 2020)
Payment date for current tax year: extended to September 1, 2020 (balances and installments due on or after March 18 and before September 1, 2020)
HST – Payment Extension
Payment remittance (including installments) requirement extended to June 30, 2020 for balances due after March 18 and before June 1, 2020.
WSIB - Filing and Payment Extension
Premium reporting and payment deferred to August 31, 2020.
Additionally, the WSIB will cease interest accrual on all outstanding premium payments. They will not charge penalties during this six-month deferral period.
Canada Emergency Business Account
Interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
Temporary Wage Subsidy:
“Businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program, Prime Minister Justin Trudeau announced today.
During the daily media briefing outside his residence at Rideau Cottage, Trudeau said the number of people a business employs will not determine its eligibility. Charities and companies big and small will qualify, he said.
For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week. The prime minister also encouraged businesses to top up their employee’s wages with the remaining 25 per cent of their salaries.
Trudeau said the wage subsidies will be retroactive to March 15, 2020.
More details of the program will be unveiled later today.”
As the changes to the response to COVID-19 are constantly evolving we will continue to keep you posted with updates
Our office is happy to help with any questions or issues.Contact Us