person typing on a laptop

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

March 19, 2020

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

Synopsis
2 Minute Read

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.

Insights

  • Progress
    2 workers at a construction site

    Your Construction Company and Employee Share Options

    MNP poses a few questions and offers a few tips to see if an employee share option plan will work for you and your construction company.

  • Confidence

    Professional services: Professional lifecycle

    Learn how MNP advisors can help you and your practice.

  • Performance

    May 11, 2021

    Orthodontist Wins New Court Case to Preserve GST HST Input Tax Credits

    A new judgement by the Tax Court of Canada will have ramifications for orthodontists claiming or wanting to claim GST / HST. Find out more.