The recent announcements from federal and provincial governments in Canada provide temporary tax relief measures to support businesses. Here's a summary of the key details:

Federal Relief

• Taxes Covered: Corporate income tax and GST/HST.
• Deferral Period: 2 April to 30 June 2025.
• Details:
• Interest will be waived on instalments, arrears payments, and outstanding balances during the deferral period.
• Tax filing deadlines remain unchanged; all returns must be filed by their due dates.
• Relief applies to all businesses, regardless of tariff impact.
• Interest resumes on outstanding amounts as of 1 July 2025.

Ontario Relief

• Taxes Covered:
• Employer health tax, insurance premium tax, gasoline tax, fuel tax, international fuel tax agreement, mining tax, tobacco tax, beer/wine/spirits tax, retail sales tax on insurance contracts/benefit plans, and race tracks tax.
• Deferral Period: 1 April to 1 October 2025.
• Details:
• Businesses can defer remittances for up to six months but must file returns on time during the deferral period.
• All deferred taxes must be paid by 1 October 2025.

Quebec Relief

• Taxes Covered: Corporate income tax and Quebec sales tax (QST).
• Deferral Period: 2 April to 30 June 2025.
• Details:
• Interest waived during the deferral period but resumes on outstanding amounts as of 1 July 2025.
• No extensions for filing deadlines.

Summary table

These measures aim to provide financial flexibility to businesses during this period while maintaining compliance with filing deadlines.