March 19, 2020: Federal Tax Response to COVID-19
March 19, 2020: Federal Tax Response to COVID-19
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
-
Performance
June 19, 2025
Are you in the market for more equipment? Whether you buy or lease could make a big difference in your farm’s success
Building an asset purchase plan before buying new equipment can help you make an informed decision to best suit your needs.
-
Progress
June 18, 2025
Choosing the right talent: A guide to employee ownership and profit sharing plans
Boost business growth and employee loyalty with a well-structured ownership or profit-sharing plan that aligns with your goals and rewards top talent.
-
Confidence
June 18, 2025
Succession Planning Basics: How to get what you want for your business
Knowing what you need and what your options are is difficult to do on your own and often the reason business owners fail to plan for their own exit.
