COVID-19 Tax Information and Updates

[LAST UPDATED ON APRIL 30, 2020]

As COVID-19 continues to change the world we live in, we want to make sure you are updated on how it’s affecting you and your family. Information and regulations are changing by the day, so we want to make it more accessible for you to stay informed.

We will be doing our best to update this page as new information comes our way. Please reach out to our tax specialist team if you have any questions: info@genesacpa.com

 

Benefits, Credits, and Financial Support

 

Canada Emergency Response Benefit (CERB)

The CRA is providing temporary income support for employed and self-employed Canadians affected by COVID-19.

 

For information on eligibility criteria, how and when to apply, please visit: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

  

Canada Emergency Wage Subsidy (CEWS)

The CRA is providing a 75% wage subsidy to employers for up to 12 weeks, taking effect from March 15th, 2020, to June 6th, 2020.

 

For information on eligibility, how and when to apply, please visit: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

 

Canada Child Benefit (CCB)

Families who were eligible to receive the CCB in April 2020, and are still entitled to the CCB in May 2020 will get a one-time increase of up to $300 per child.

 

For information on eligibility, increase calculation, how and when to apply, please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-ccb-payment-increase.html

 

Temporary Wage Subsidy for Employers (TWSE)

The 10% Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA).

 

For information on eligibility, please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

 

B.C. Emergency Benefit for Workers

Apply now for the B.C. Emergency Benefit for Workers, a tax-free, one-time $1,000 payment for B.C. residents whose ability to work has been affected due to COVID-19.

 

For information on eligibility and how to apply, please visit: https://www2.gov.bc.ca/gov/content/employment-business/covid-19-financial-supports/emergency-benefit-workers

 

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) will provide 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 $20,000 to $1.5 million in total payroll in 2019.

 

For information on eligibility and how to apply, please visit: https://ceba-cuec.ca/

 

Income Tax Filing and Payment Deadlines

 

Individuals – Deadlines

The filing date for 2019 tax year has been extended to June 1st, 2020.

The payment date for the 2019 ta year has been extended to September 1st, 2020.

 

Self-employed and Their Spouse of Common Law Partner – Deadlines

The filing date for the current tax year has not moved from June 15th, 2020.

The payment for the current tax year has been extended to September 1st, 2020.

 

Corporations – Deadlines

The filing date for the 2019 ta year has been extended to June 1st, 2020.

The payment date for the 2019 tax year has been extended to September 1st, 2020.

 

Trusts – Deadlines

The filing date for the current tax year has been extended to May 1st, 2020 for trusts with a tax year end date of December 31st, 2019. For trusts with a filing due date in April or May, the filing date has been extended to June 1st, 2020.

The payment date for the current tax year has been extended to September 1st, 2020.

 

Charities – Deadlines

The filing date has been extended to December 31st, 2020.

 

For more further information, please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html

 

If you need more information or assistance, please contact info@genesacpa.com

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