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March 19, 2020: Federal Tax Response to COVID-19

March 19, 2020: Federal Tax Response to COVID-19

Synopsis
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TAX UPDATE

Response to COVID-19

March 19, 2020

Further to the federal announcements of March 18, 2020, additional tax updates have been released. Please be advised of the following changes:

Provincial Update

  • Quebec has announced they will align with the federal taxes owing and instalment deadlines. These payments are suspended until September 1, 2020.
  • Quebec also announced partnerships that had until March 31, 2020 to file tax returns for 2019, now have until May 1, 2020.
  • Alberta will defer the collection of corporate income tax balances and instalment payments, due after March 18, 2020, until August 31, 2020.

Other

With respect to Employment Insurance (EI) and the wage subsidy program, the details behind the announcements have not yet been released. Please be advised that we recognize the importance of this issue to Canadians and when more information is available, we will be releasing a Tax Alert.

We would also like to point out that source deductions were not included in the tax deferral remitting frequency, periods and due dates will remain in place according to the remitter type.

We will continue to update you as things unfold.

For more information, contact your local MNP Advisor or visit MNP.ca.

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