Some of the key highlights, in brief:
Tax Deadlines Extended
Filing deadline for personal taxes extended to June 1, 2020
Payment deadlines for tax due have been extended as well:
Personal tax due: extended to August 31, 2020
Corporate tax due: extended to August 31, 2020
Tax Incentives & Special Measures
Most audits are paused for the next 4 weeks for small and medium businesses. No new ones will be initiated.
Temporary business wage subsidy: effective immediately, this is a reduction of payroll remittances of 10% of total wages paid over the next 3 months, up to a maximum of $1375 per employee and $25,000 per employer.
Emergency care benefit: up to $900 every two weeks, for up to 15 weeks for those who do not have paid sick leave and do not qualify for EI sickness benefits. You'll be able to apply for this starting in April; more details yet to come.
See our newsletter below for more information.
